The price of XRP is currently under pressure and is in a bearish trend. The price has recently broken through an important support level. Although it has found temporary support between $2.10 and $2.20, the overall momentum remains weak.
Short-term rebound attempts
In the short term, XRP is trying to slightly rebound from this support level. If the price continues to rise, it will first face resistance around $2.30 to $2.34. Stronger resistance is located above $2.44, with major resistance between $2.55 and $2.62. However, so far, there have been no clear signs of a strong rebound on the chart.
Potential bearish pattern forming
Additionally, a head and shoulders pattern might be forming, which is a typical bearish signal. If the head and shoulders pattern is completed, it could push the price lower. Currently, this pattern has not been confirmed, but traders should closely monitor it in the coming days.
Key support levels to watch
From a downward perspective, if XRP fails to hold above $2.10, the next support level will be around $2.05, followed by $2.00. If XRP decisively breaks below $2.00, it could drop towards $1.80, which is a key support level.
What needs to happen for a bullish reversal?
Overall market sentiment remains cautious. Although XRP shows signs of attempting to stabilize in the short term, the trend will remain bearish unless it can break through the resistance levels of $2.21 to $2.28. A breakout above these resistance levels would be the first sign of bulls trying to make a comeback.
