12.20$XRP Price In-depth Analysis and Future Price Outlook!
Ripple's XRP seems to have entered the fog of adjustment recently, and its price has quietly slipped into a downward channel, falling by more than 2%.
In the past few days, XRP has been hovering in the range of $2.20 to $2.70, and the dynamics in the large time frame appear quite restrained.
It is particularly noteworthy that this highly-watched altcoin has recently suffered a small correction, and the previously optimistic breakout pattern has therefore been declared invalid.
Although the price has not fluctuated violently, XRP is still in the embrace of a potential bull market structure.
The $2.90 to $3 range has built a solid resistance barrier, and seller pressure continues to appear here.
And below, a reliable support line has been built near $2, which has been tested many times and has become the lower limit of XRP's current trading range.
Once this line of defense is lost, XRP may face a deeper risk of a correction.
In-depth analysis of support and resistance
XRP once confirmed a breakthrough near $2.35, but unfortunately, the price eventually closed below this level. This change not only negates the previous breakthrough pattern, but also indicates that the upward momentum may be limited in the short term.
In the short term, the $2.30 to $2.31 range has become a key support. Although it can be maintained temporarily, if this line of defense is broken, the next support will retreat to $2.23, and there is a possibility of further decline to the $2 range.
If XRP cannot hold the $2 mark, its price may continue to fall to the sensitive area of $1.90.
At this time, whether XRP can gain a foothold at $1.90 will be the key to determining its market direction.
Once this price is lost, the market may officially enter a bear market, and the previous bullish trend will also end sadly.
However, all this has not happened yet, and it is still too early to draw conclusions. On the other hand, if XRP can gain a foothold above $2.30, its price is expected to rise to $2.60 or even higher.
Once it breaks through $2.60, the $3 mark may become the next target.
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