Ripple’s XRP is down more than 6% and is trading around $2.22 at the time of this writing. The price of XRP is at a crossroads and has lost most of the gains it made over the past seven days. The top 10 coins are all trading in the red, with Solana and Dogecoin posting double-digit losses.
Analysts are speculating that XRP may be undergoing a bigger correction after a strong rebound earlier this month. Price may be going through a consolidation phase, which may be part of a larger correction pattern or part of a more extended sideways move.
Potential scenarios, key resistance and support levels
resistance zone
XRP’s immediate resistance lies between $2.30 and $2.53. If the price reaches this range, it could face selling pressure and potentially reverse to the downside. Traders should exercise caution as prices approach this area.
Critical Support Level
The key support level to watch is $1.96, where the previous low was made in early December. If XRP falls below this level, further selling could be triggered, pushing the price lower to a range between $1.39 and $1.80.
integration stage
XRP may be in a consolidation phase where the price moves sideways within a defined range. This could be a correction after the recent rally. If XRP holds above the $1.96 level, it could eventually move higher and potentially test the resistance area between $2.30 and $2.53.
downside risk
If XRP falls below the $1.96 support, it could face a deeper correction. In this case, the price may move towards the lower support zone between $1.39 and $1.80. This is an important level to monitor for potential reversals.