Cryptocurrency markets are in the red today, with major coins including Bitcoin, experiencing price declines. XRP has been hit the hardest, with its price dropping over 20% in the last 24 hours. The price has now dropped below its previous key support level of $2.52 and is now trading at $2.41.
If the price continues to fall, a test of $2.32 becomes more likely. A break below $2.32 would confirm a more bearish outlook, suggesting an invalidation of the previous micro “one-two” setup. For now, the larger pattern remains intact, but the market is showing increasing pressure. The depth of this decline remains uncertain, and it will be crucial to watch how the market reacts to these new support levels in the coming days.
Waiting for Confirmation
To confirm a reversal, XRP would need to break above the recent high of $3.15. Additionally, a break above $2.89 (the golden ratio level) could signal the start of an upside breakout. For now, the market remains in a correction phase, but it is in an area where a potential low could form.
Larger Range and Next Support Levels
XRP remains within a larger sideways range, bounded between $1.96 (the previous breakout point from 2021) and the $3.40 level. If the market continues to decline, the next key support levels are at $2.23 (the 100% extension of the immediate down move) and lower levels around $1.96 and $1.23.
Overall, the market pressure is currently bearish, but there remains a chance for the bulls to step in. With Bitcoin having reached its downside target, the market could see a reversal in the coming week. However, no confirmed low has yet been established, so it’s crucial to remain patient and monitor for further developments.
