XRP is trading at $1.90, with a gain of 6%, but is still in a downward channel; key resistance levels are at $2.15 and $2.66.
The key support levels are at $1.60 and $1.55, which may trigger a rebound, but if it fails to break through $2.17, it may fall to $1.21.
The price trend of XRP has been under close scrutiny, especially as it currently shows a bearish trend across multiple time frames. XRP has risen over 6% in the past 24 hours, trading at $1.90 as of this writing.
According to experts, XRP is trapped in a downward parallel channel, indicating a short-term bearish trend. The key support level here is around $1.75, with resistance at around $2.66. Additionally, the centerline of the channel acts as short-term resistance, situated near $2.15.
Recently, XRP broke below the short-term support range of $1.95 to $2.05. As of now, it is retesting this area, which may become a new resistance level. A confirmed break above $2.05 could lead to resistance at $2.15, with further resistance around $2.24 to $2.30.
Current market conditions and patterns
Currently, XRP is in a correction phase, moving in an ABC structure. There is a cluster of support around $1.55 to $1.57, which may lead to a temporary rebound. However, unless XRP can decisively break through $2.17, the overall trend will remain downward. If it cannot achieve this, we can expect it to further decline to $1.55, and it may even test the range of $1.33 to $1.21.
Weekly outlook: Fibonacci support levels
XRP has rebounded from the 78.6% Fibonacci retracement level, providing support near $1.60. This level is crucial—if XRP breaks below it, the next support level may be around $1.30 to $1.40. Notable resistance is around $2, with strong resistance around $3.
