XRP's most significant resistance zones lie between $2.51 and $2.72, marking key Fibonacci retracement levels (50% to 88.7%). To trigger a bullish rally, XRP must break through these resistance levels. Currently, the market sentiment remains bearish, as the price is correcting after a previous rally from $2.10 to $2.80.
This ongoing market correction signals that bearish momentum is still in play, pushing the price lower. The most recent price bounce from the 50% retracement level appears to be corrective, suggesting any upward movement may not sustain in the short term.
XRP Price Outlook: Range-Bound Market with Breakout Potential
XRP is currently trading within a well-defined range, with key support levels established over the weekend holding strong. These support levels, determined by crucial Fibonacci retracements, continue to provide price stability. However, this consolidation phase may not last indefinitely, and a breakout in either direction—upward or downward—could be imminent.
If the bulls manage to break above the $2.80 resistance level, the next target will be a breakout above Monday’s high, signaling the end of the correction phase and the potential start of a bullish trend. However, if the bearish pressure continues, XRP may dip to key support levels around $2.11 or even $1.95 before any fresh upward momentum can take hold.
Conclusion: XRP remains trapped in a consolidation phase, with critical resistance at $2.51 to $2.72. Traders should watch for a potential breakout above $2.80 or a further decline to $2.11 or $1.95, as these levels will dictate the next market move. The outcome of these key support and resistance zones will shape the future direction of XRP’s price action.