The cryptocurrency market continues to keep merchants on the edge, and XRP is not an exception. Let’s dismantle what is happening with the XRP price movement and important support levels and resistance to watch.
XRP bounces from the main support area
On the daily chart, XRP recently wore a major support zone ranging from $ 2.10 and $ 2.15. This area has been marked as an important level, and now, the price fixed is higher than this range.
If XRP decreases to less than this support, the following levels that must be seen will be about $ 2.05 and $ 2.00. Low less than $ 2.00 can indicate a greater decrease in the coming days or weeks.
Reverse head and shoulders is a style of progress?
Technically, XRP may create a reverse and shoulder pattern on the daily time frame. This is often seen as a bullish preparation.
In order to confirm this style, XRP needs to bounce higher in the coming days and penetrate the golden pocket resistance area between $ 2.56 and $ 2.62. A certain penetration can open over $ 2.62 doors to a strong gathering towards new levels ever.
However, at the present time, this style is just a possibility – it has not been confirmed yet.
Resistance areas that can slow the progress of XRP
Before XRP reaches the resistance of the golden pocket, he will face other challenges. The price will need to scan resistance levels about $ 2.33 to $ 2.34 and then again near $ 2.43 to $ 2.44. Another major barrier stands at $ 2.48, which was the main oscillation level in the past.
These areas can lead to a short -term withdrawal or temporarily stopping as traders get profits and live the market situation.
Market reaction: backward progress
In the shortest term, XRP appears slight, and it is often called the four wave in technical analysis. This small step occurred up after supporting the price tested from about $ 2.07 to $ 2.08. Although the price has not fully reached an expected $ 2.06 sign, the reaction indicates that merchants are still active around these levels.
