$XRP Price Stays Near Support Level of $2.09: Is the Next Move a Rebound or a Break?
XRP has dropped nearly 8% over the past month and is currently trading at the confluence of multiple support levels. The current price action is at a critical support level, which could determine the next major move: a bullish rebound or a further breakdown.
After a period of consolidation, Ripple (XRP) is now slightly above a key support level, with several technical indicators suggesting that this support could form the basis for a reversal. However, repeated tests of this support level may weaken the area, and if this support is lost, bears may focus on further declines in liquidity.
Key Technical Points
Key Support Level: $2.09 (Value area low, daily resistance level, 200-day moving average).
Price Structure: Ongoing consolidation at support.
Bullish Scenario: Rebound from support to the next resistance level.
Bearish Scenario: Break below support, reduced liquidity.
The current price area near $2.09 holds significant importance. This area includes the value area low, daily support/resistance levels, and the 200-day moving average, all converging in the same region. This convergence enhances the likelihood of a bullish retracement, at least in the short term. If XRP can hold this area and rebound above the recent intraday high, it may initiate a pullback towards the next resistance level.
