It offers the ongoing XRP sales to re -test the two -dollar support zone, and it has been hurt by technical formations.
It is worth noting that at the time of reports, the effect of sales of the wider market from XRP decreased to daily losses of more than 3 %. During the past week, the original decreased by 4.5 %, and settled at $ 2.31.
Now, the graph for one hour of XRP is a decreased pattern of the head and the hole, with a possible collapse targeting two dollars if the current support fails, as a prominent cryptocurrency trading expert in X in X mail On May 19.
According to the analysis, the neck line is located in the form near the support area of $ 2.30, which XRP is now testing.
The head and shoulder pattern is widely considered a reflection signal, and it often is the end of the upward trend. In the case of XRP, the “left shoulder”, “head” and “right shoulder” formed, followed by the neckline support area. The rest at the bottom of this region would confirm the decreased preparation and can send the valuable prices about $ 2.
XRP decisive support area
In general, XRP swings at a decisive technical level, with $ 2.30 support, which corresponds to a 0.888 Fibonacci alternative, and works as a potential pivotal point for its next main movement.
In this case, the Pro-XRP analyst Egrag Crypto The most important importance of the level on May 19 x mailAnd describe it at the moment of its manufacture or a break.
A strong reservation with more than $ 2.30 can pave the way for a batch of about $ 2.619, followed by a re -test of psychological resistance at $ 3.10.
The ultimate goal of the analyst is $ 3.39. However, the failure to maintain this level risk a deeper correction, with potential support near $ 1.61 and $ 1.20, based on the main Vibonacci levels.
XRP relief in the short term
There is still room for optimism in the short term. XRP is trading above average for 50 days and 200 days (MA), at $ 2.21 and $ 1.90, respectively, a bullish technical signal is usually considered.
However, feelings are still cautious about the original amid ups in the upcoming developments. For example, although CME Group launched the planned XRP Future contracts on Monday, a big step towards institutional adoption, XRP has shown a steadfast reaction. To this end, the broader encryption momentum may be needed to start any constant gathering.
In addition to uncertainty, Ripple has been set to cancel a billion XRP lock in the coming days, a tangible event that historically caused the minimum disorder but may provide volatility, especially with assets that are already struggling to the level of $ 2.50.
Currently, XRP appears to move in a step with the wider market, with factors that have not been resolved like SEC V. Ripple Case that provides a significant effect on price. As the coding dealer, Scott Milker, XRP may also need a new narration to become a performance in the next market.
Distinctive image via Shutterstock
