XRP Must Hold $2.65 Support Or Risk Major Breakdown – Analyst
XRP at a Critical Juncture Amid Market-Wide Correction
The cryptocurrency market is currently navigating a period of turbulence, with many digital assets experiencing significant price corrections. XRP has not been immune to this trend, witnessing a drop of over 5% in the last 24 hours. The prominent altcoin is now trading around the $2.81 mark, with selling pressure showing few signs of letting up. As investors and traders watch anxiously, a recent technical analysis has shed light on the key price levels that could determine XRP’s next major move.
While the short-term outlook appears choppy, a deeper look at the charts reveals two distinct paths for XRP, hinging on its ability to defend a crucial support level. According to a detailed analysis, the coin’s long-term structure remains bullish, but navigating the current correction is paramount.
The Make-or-Break Level: Why $2.65 is Crucial
The most immediate and critical battleground for XRP bulls is the $2.65 support level. This price floor is now the focus of the market, as its fate could trigger a significant trend in either direction. This is the key takeaway from the analysis:
There are two primary scenarios stemming from this level:
- A Bullish Bounce: If XRP’s price declines but successfully retests and holds the $2.65 support, it could signal that buyers are stepping in. A strong bounce from this area could ignite a powerful rally, potentially pushing the price back towards its all-time high of $3.84.
- A Bearish Breakdown: Conversely, a decisive daily close below the $2.65 support would be a major red flag for the market. Such a breakdown would invalidate the immediate bullish thesis and could open the door for a much steeper correction, with analysts pointing to a potential downside target around $2.19.
The Path to a Bullish Reversal
While defending support is one way forward, another path to recovery involves reclaiming lost ground. For a more immediate confirmation of a market bottom, analysts suggest that XRP needs to achieve a daily price close above the $3.12 resistance level. Successfully turning this former support into new support would signal a shift in momentum, likely paving the way for a continued ascent towards higher price targets, such as $3.60.
Zooming Out: The Long-Term Bullish Picture
Despite the short-term volatility, the macro view for XRP remains optimistic, according to long-term cyclical analysis. The coin appears to be following a multi-year bullish pattern with several recurring technical features:
- Bullish Pennant: XRP has already broken out from a large bullish pennant formation, which is a classic continuation pattern that suggests the prior uptrend is likely to resume.
- Key Indicators: The analysis highlights the 21 Exponential Moving Average (EMA) and a long-term Support Arc, which have historically coincided with major trend shifts and provided a foundation for bullish cycles.
Could a $17 XRP Be on the Horizon?
Looking at the grand scheme of things, the most significant hurdle for XRP is its previous all-time high of around $3.84. This price point represents a major psychological and technical resistance barrier. However, if market momentum is strong enough to decisively break past this level, the upside could be extraordinary.
The same long-term analysis projects a potential market cycle top of $17 for XRP. A rally to this target would represent a staggering 525% gain from current prices, offering a glimpse into the asset’s long-term potential if the bullish cycle plays out as predicted.
Current XRP Price Action
At the time of writing, XRP is trading at $2.81, reflecting a 5.32% decline on the day and an 11.38% loss over the past week. However, it’s worth noting that despite the recent dip, the coin is still up over 22% on the monthly chart, indicating that many long-term holders remain in profit. The market is now at a pivotal point, and all eyes are on whether the crucial
