The Cryptocurrency market continues to keep the trader, and XRP is no exception. Let’s classify the price measures of XRP and what happens to important support and resistance levels.
XRP pops up in the main support area
In the daily chart, XRP has recently popped out of the main support area between $ 2.10 and $ 2.15. This area has been marked as important, and at present, the price is steadily maintained than that.
If XRP is lower than this support, the next level is about $ 2.05 and $ 2.00. The decline of less than $ 2.00 will be able to see a greater decrease in the next few weeks or weeks.
Is the reverse head and shoulder pattern in progress?
Technically, XRP may form reverse head and shoulder patterns for a daily period. This is often considered an optimistic setting.
To check this pattern, XRP must penetrate the golden pocket resistance zone between $ 2.56 and $ 2.62 in the future. The confirmed brake out with more than $ 2.62 can open the door for a powerful rally towards the new all -time high.
But at this time, this pattern is only possible. It has not been confirmed yet.
Resistance area that can slow the progress of XRP
Before the XRP reaches the golden pocket resistance, you will face another challenge. The price should be empty to about $ 2.33 to $ 2.34 and close to $ 2.43 to $ 2.44. Another major barrier was $ 2.48, and in the past, it was a key swing level.
This area can lead to short -term fullback or pause as traders benefit and re -evaluate the market situation.
Market reaction: ongoing bounce
In the short term, XRP shows a minor bounce often called par 4 bounce in technical analysis. This small movement went up after the price was $ 2.07 to $ 2.08. Although it did not completely affect the expected $ 2.06, the response suggests that traders are still active at this level.