While XRP has recently come to the fore with its remarkable movements in the crypto market, its price fluctuates between 1.33 and 1.34 dollars. According to CoinGecko data, the market value of XRP is at $ 82.64 billion and the transaction volume in the last 24 hours reached $ 1.41 billion. It appears that the token suffered a small loss of 0.32 percent on a daily basis. Technical indicators point to continued downward pressure.
Critical support and technical outlook
The price’s attempt to hold on to the $1.35 level is being closely watched by many analysts. Market commentators emphasize that this figure is a decisive support zone for XRP. Technical expert Ali Martinez stated that XRP is testing the lower limit of the ascending channel. While this region is generally defined as an area where demand emerges, it is stated that in case of a clear break, the price may first decline to $1.33 and then to $1.31.
Ali Martinez, who thinks that it is critical to watch the lower band of the rising channel of XRP, states that the short-term targets are shaped as $ 1.37 and $ 1.40.
On an hourly basis, a downward channel is forming with the upper resistance at $1.3380. XRP price is below the 38.2 percent Fibonacci retracement level of the move from $1.2658 to $1.3642. This technical break is a warning that weakness may continue.
Despite this, the price is staying above $1.3150 and the 100 hourly simple moving average. If the $1.35 level breaks downwards, this area will become the new support point.
Mini dictionary: Fibonacci retracement is a tool used in technical analysis to determine retracement points of the price at certain rates. The rates are generally 23.6, 38.2, 50 and 61.8 percent. These levels help identify support and resistance points.
Comments from market experts
Digital asset analyst Josiah Gallegos stated in his post on the X platform that XRP is at a turning point in terms of its near-term direction. Gallegos stated that if the downward trend line is crossed upwards, a strong upward momentum may be triggered, but if this level is not exceeded, selling pressure may increase. The analyst emphasized that daily closings and volume breakdowns should be followed carefully in the coming days.
Short-term resistance and support levels
In the technical view, while XRP remaining at $ 1.35 is considered to be in favor of buyers, the first resistance points stand out as $ 1.3380 and $ 1.3420. If these levels are breached, the price is likely to approach the recent high at $1.350, 1.3580 and $1.3642 respectively. Persistence above $1,350 could support bullish expectations. As for higher resistance levels, $1.3650 and $1.3740 come to the fore.
On the other hand, in case of a possible weakening, an relaxation to $ 1.3150 may be seen. In technical analysis, it is shared that if it falls below this point, there may be a retreat to the range of 1.3120 and 1.3050 dollars. If the selling pressure continues, the $1.2920 and $1.2880 levels will be considered new support points.
Market structure and transaction volume
Tight price movements in the $1.35 to $1.40 range create a short-term deterrent effect on the market. Especially in periods when a new fundamental factor does not come to the fore, technical levels seem to come to the fore more. XRP, which is among the top five assets with the highest daily transactions after Bitcoin, accounts for 3.32 percent of the total cryptocurrency market. The daily volume of 1.41 billion dollars shows that participants are waiting for a clear direction.
