XRP Analysis Update by MakroVision

Cryptocurrency analytics firm MakroVision has released an updated assessment regarding XRP that highlights renewed downward pressure after failing to break through a key resistance level.

According to the analytics firm, XRP attempted to break above the descending trendline but encountered resistance, leading to another drop. This puts the $2.48 support area in focus as traders watch to see if it can hold or if further downside is imminent.

At the time of writing, the XRP price is trading at $2.48.

According to the analyst firm, XRP remains weak after failing to confirm a breakout, and the recent breakdown of a short-term triangle pattern reinforces the bearish scenario unless a swift recovery occurs. Here are the key levels to watch for in the XRP price:

• $2.48: A crucial level; if XRP closes below this level on the daily chart, it could trigger another sell-off towards the Fibonacci support levels.
• $2.19 – $2.23: The next major support cluster in case of a deeper correction.
• $2.65: The first hurdle to a potential recovery.
• $2.80: Recent swing high combined with significant liquidity. A confirmed break above this level would be very bullish.

XRP technical analysis chart shared by MakroVision.

This is not investment advice.