XRP is currently struggling as the token price stagnates, with no clear upward or downward trend.
This token has just experienced a small recovery but faced strong resistance at the $2.30 price range, causing prolonged sideways fluctuations and raising concerns about the potential for a short-term price drop.
MAIN CONTENT
XRP is being held back by strong resistance around $2.30, unable to break through.
XRP is currently constrained by a major resistance level at $2.30, what do experts say about this situation?
Analyst Dark Defender states that there have been no confirmed signs of a breakout since the price dropped on July 3, 2024. The resistance around $2.30 has repeatedly blocked XRP, with the most recent instances on May 24 and 27, June 16, 30, as well as currently.
This price zone has repeatedly rejected XRP, demonstrating the strength of selling pressure. Dark Defender emphasizes: 'The inability of XRP to surpass the $2.30 level will cause the price to continue to fluctuate sideways, making it difficult for buyers.' This is the crucial point to determine the next move of the XRP market.
Closing this week's candle in the $2.28-$2.33 range is very important; it could mark a positive turning point for XRP's price.
Dark Defender, cryptocurrency analyst, July 2024
What will be the next price movement of XRP, according to the updated analysis?
Expert forecasts indicate that if XRP closes the week above the $2.28-$2.33 range, the potential for an extended recovery to $2.33 and $2.46 could occur. Conversely, if this price range is not surpassed, the price may continue to stagnate over the next few days, or even drop to support levels at $2.19, $2.07, and a low of $1.99.
The value of $1.99 is very important, as if XRP drops below this, the bullish pattern will be broken, reducing the recovery prospects in the short term. The price indecision reflects the market's cautious sentiment, with no clear trend evident.
The June low at $1.99 is XRP's 'military zone'; keeping the price above this level builds confidence for the bulls.
Dark Defender, cryptocurrency analyst, July 2024
What are the key resistance and support levels of XRP at this time?
Below are the key levels according to in-depth analysis:
Price Level Role Significance $2.30 Major resistance Barrier against strong selling pressure, repeatedly rejecting XRP's breakout $2.19 Short-term support First testing point if the price drops, maintaining liquidity $2.07 Short-term support Average support zone preventing the price from dropping too deep $1.99 Important support The bottom of June, protecting the medium-term uptrend
What should XRP do to improve market structure according to experts?
Maintaining a price above $1.99 and successfully breaking through the $2.30 level is essential to establish a sustainable uptrend. This requires increased trading volume along with positive market sentiment.
According to the analysis report from cryptocurrency financial experts in 2024, breaking through the strong resistance zone opens opportunities to attract large investors and whales back in, creating price momentum that could push XRP towards $2.46 or higher.
Frequently Asked Questions
Can XRP break the $2.30 level in the short term?
This possibility depends on the weekly candle closing next week and the strength of buying demand, according to analysts, the probability is low but not ruled out.What is the most important support level for XRP right now?
$1.99 is considered a key support level for the medium-term uptrend, according to the 2024 market study.What is the impact of the price stagnation lasting for how long?
Prolonged price stagnation can cause buyers to lose patience, reduce liquidity, and create negative psychological volatility.What analysis supports the next trend of XRP?
Opinions from Dark Defender and historical price data suggest that closing the weekly candle above $2.28-$2.33 is the most positive sign.Is XRP affected by the general fluctuations of the cryptocurrency market?
Yes, macro news and the status of Bitcoin and Ethereum also strongly influence the price trend of XRP (source: 2024 market report).
Source: https://tintucbitcoin.com/xrp-giam-manh-hay-sap-dieu-chinh/
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