XRP has declined over 20% from recent highs, now testing critical levels near $2.92.
Traders are eyeing the $2.55–$2.40 zone for potential support and accumulation.
Sustained loss of the $2.40 level may expose XRP to further downside toward $2.00–$1.90.
XRP has seen a sharp correction from its recent high of $3.70, dropping below the $3.00 level. Market analysts are now watching the $2.55 to $2.40 range closely, expecting this zone to act as the next significant support for the asset.
XRP Faces Rejection at Key Resistance as Sellers Take Control
XRP recently surged to $3.70 but failed to sustain momentum, forming a bearish reversal pattern on the 3-day chart. The rejection at the $3.50–$3.70 resistance zone led to a rapid pullback, with price action now centered around the $2.92 level.
The -20% decline from local highs within a short span signals intensified selling pressure and short-term market exhaustion. A sequence of bearish candles confirms that profit-taking and resistance rejection have paused bullish momentum.
Market Analysts Highlight the $2.55–$2.40 Support Zone
According to a post from the market-focused account @ali_charts, XRP could find solid support around $2.55–$2.40. This area previously acted as a consolidation zone in early July before the breakout above $3.00.
The support zone now mirrors a classic retest setup, where former resistance flips into support. Historical price behavior reinforces this area’s importance, offering traders a potential accumulation opportunity.
Technical structure still leans bullish on higher timeframes, with XRP recently breaking out from a multi-month range. A successful retest of $2.55–$2.40 could prepare the ground for a renewed rally.
What’s Next for XRP if Support Levels Fail to Hold?
In case of XRP falling below the 2.40 marked level, the next support that can be seen is about the 2.00-1.90 area that is the bottom of the former consolidation.
This would represent a deeper correction but not necessarily a trend reversal, depending on market-wide sentiment and volume behavior.
XRP’s daily trading volume of over $7.1 billion and a modest 2.56% 24-hour gain suggest continued trader interest despite the correction.
As long as $XRP finds stability within the highlighted zone, bulls may attempt a renewed push toward $3.50 resistance in the coming sessions.
