What’s the Latest Outlook for XRP? Here Are the Critical Levels That Must Be Protected and Overcome
Cryptocurrency analysis firm MakroVision reported in its latest chart assessment for XRP that the asset's technical outlook remains weak.
Analysts argued that despite the recent recovery, the price could not stay above critical levels and selling pressure continued.
XRP's failure to sustain a breakout above $2.48 is among the key factors driving short-term weakness in the market, according to MakroVision. Despite recent attempts to rally, the price has been rejected from this resistance once again.
The company noted that XRP has tested the $2.16 area (the 0.382 Fibonacci retracement level) several times in recent days, but there has been no strong buyer response from this area. If this support level is broken, analysts predict the price could quickly retreat to the $2.02-$1.88 range. This area is considered critical because it contains both horizontal support and key Fibonacci levels.
The assessment stated that for XRP to regain strength, it must first break above the $2.48 level. If this level is broken, the price could find room to reach the $2.65 region, where liquidity is high.
MakroVision shared the following conclusion regarding the current technical picture:
XRP remains technically weak. Unless the $248 level is retaken, the risk of a new correction towards the $2.00-$1.87 range outweighs the risk. A downside break below these support areas could significantly weaken the medium-term trend.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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