XRP is currently signing signs of potential trend reversal, but the greater weakness still affects the price. In the last 24 hours, XRP has been shorter than the support range of $ 2.25- $ 2.30, but it has not been checked every day by less than this level.
This bounce gives the bull a faint hope of hope, but it is important to remember that this does not guarantee the end of the weakness. In the larger time frame, there is still a weak trend, and the market is still influenced by this fullback. If the larger pattern continues to progress, the price can still face more challenges.
Major support and resistance level
XRP is currently testing resistance levels between the micro scale, especially $ 2.30 to $ 2.46. This area is important because it represents a pivot point between potential strength and weakness scenario. Beyond this resistance can know the beginning of the new stage, while breakthrough failure can show more disadvantages.
The immediate support level of the trader is $ 1.95. If the price drops to this level, the market can face further modifications. However, if you have $ 1.95 support, optimistic propulsions are likely to resume. If the price drops, the next major support is at $ 1.77 in February.
Strong scenario and potential price goals
If the XRP can successfully violate the $ 2.46 resistance, you can set a significant stage of a strong strength. In the best scenario, this can increase the price to $ 5-6, providing a significant risk ratio for investors. This indicates the beginning of a new up trend that follows the 5 -wave pattern that confirms that the floor is in place. If XRP penetrates the level of $ 2.83, it is convinced that the weak scenario is invalidated and the market is strong.