The cryptocurrency markets are currently experiencing a downturn, with major coins like Bitcoin seeing price drops. Among them, XRP has taken the biggest hit, with its value falling by over 20% in the past 24 hours. This decline has pushed its price below the key support level of $2.52, now trading at $2.41.
If the downward trend continues, there is a higher likelihood of testing the $2.32 mark. A breach below this level would indicate a more bearish trend, potentially invalidating the previous micro “one-two” setup. While the larger pattern remains intact, there is growing pressure in the market. The extent of this decline remains uncertain, and it is essential to observe how the market responds to these new support levels in the days ahead.
Waiting for Confirmation
To confirm a reversal, XRP would need to surpass the recent peak of $3.15. Moreover, breaking above $2.89 (the golden ratio level) could signal the beginning of an upward breakout. Presently, the market is undergoing a correction phase, but there is potential for a bottom to form in this region.
Larger Range and Next Support Levels
XRP remains within a broader sideways range, with boundaries at $1.96 (the breakout point from 2021) and $3.40. In the event of further decline, key support levels to watch are $2.23 (100% extension of the immediate down move) and lower levels near $1.96 and $1.23.
Overall, the current market sentiment is bearish, although there is a possibility for bullish intervention. As Bitcoin has achieved its downside target, a market reversal could be on the horizon in the upcoming week. Nonetheless, a definitive bottom has not yet been established, emphasizing the importance of patience and vigilance for any developments.
