XRP Price News: Key Levels to Watch This Week
The post XRP Price News: Key Levels to Watch This Week appeared first on Coinpedia Fintech News
The cryptocurrency market continues to keep traders on edge, and XRP is no exception. Let’s break down what’s happening with XRP’s price action and the important support and resistance levels to watch.
XRP Bounces from Key Support Zone
On the daily chart, XRP recently bounced from a key support area between $2.10 and $2.15. This zone has been flagged as an important level, and for now, the price is holding steady above that range.
If XRP falls below this support, the next levels to watch would be around $2.05 and $2.00. A drop under $2.00 could signal a bigger decline in the coming days or weeks.
Inverse Head and Shoulders Pattern in Progress?
Technically, XRP is possibly forming an inverse head and shoulders pattern on the daily timeframe. This is often seen as a bullish setup.
For this pattern to confirm, XRP needs to bounce higher in the coming days and break through the golden pocket resistance zone between $2.56 and $2.62. A confirmed breakout above $2.62 could open the doors for a strong rally toward new all-time highs.
However, for now, this pattern is only a possibility — it hasn’t been confirmed yet.
Resistance Areas That Could Slow XRP’s Progress
Before XRP reaches the golden pocket resistance, it will face other challenges. The price will need to clear resistance levels around $2.33 to $2.34 and then again near $2.43 to $2.44. Another major barrier stands at $2.48, which has been a key swing level in the past.
These areas could lead to short-term pullbacks or pauses as traders take profits and reassess the market situation.
Market Reaction: A Bounce in Progress
In the shorter term, XRP is showing a minor bounce, often called a wave-four bounce in technical analysis. This small move upward happened after the price tested support around $2.07 to $2.08. Although the price didn’t fully hit the expected $2.06 mark, the reaction suggests traders are still active around these levels.
