XRP is nearing a significant support zone, marked by the monthly level at $2.09. This level has considerable structural importance and has acted as a pivotal point in the past. Holding this area is essential for maintaining the broader bullish market structure, which remains intact despite the recent correction
From a technical standpoint, the current move appears to be a corrective phase rather than a structural breakdown. A bullish retest of the $2.09 level is expected to attract demand, potentially serving as a launching point for a renewed upward move. Adding to the strength of this zone is the presence of the value area low, which provides further confluence and supports the argument for a strong demand zone.
Should XRP successfully defend this level, attention will shift to the next major resistance at $2.40, which represents a key weekly support/resistance (SR) flip. This level has served as an inflection point in the past and now stands as the most immediate hurdle for bulls. A clean break and close above $2.40 would confirm the continuation of the bullish trend and likely bring the all-time high back into play as the next major upside target.
In summary, XRP’s technical outlook remains bullish as long as it holds above the $2.09 monthly support. The confluence with the value area low enhances the probability of a bounce from this zone. A successful defense here and a push through the $2.40 weekly SR could trigger a renewed rally, targeting higher levels. This area marks a buy-the-dip opportunity for traders aligning with the macro trend, provided support holds firmly.