Ripple's XRP is currently down more than 2% and trading around $2.41. Over the past 7 days, this altcoin has lost more than 7% of its value.
However, looking at the weekly timeframe, this altcoin is still in a major uptrend with no confirmed lower highs or lower lows.
However, in recent weeks, XRP has been undergoing a short-term downtrend within the overall bullish market.
Price prediction
Currently, XRP is testing the support range from $2.33 to $2.40. A short-term recovery may occur from this area, but if the price does not hold above this mark, XRP could drop to the next support area from $2.00 to $2.23.
Conversely, if XRP holds above $2.40, breaking the $2.62 threshold could trigger a strong rally towards $3.00 and even test the historical high near $3.25.
Support and resistance levels
The main resistance zone is currently in the range of $2.90 to $3.00. This is the area where price rejection could occur if XRP lacks the momentum to break out.
On the flip side, the first support is in the range of $2.33 to $2.40. If the token breaks through this area, the price could drop to the next strong support zone from $2.00 to $2.23.
Notably, the upper boundary of the trend channel is also currently acting as support. If XRP surpasses this level, a stronger breakout may occur, but this depends on price movements in the coming days.
Expert opinion
According to Josh, an analyst at Crypto World, if XRP closes below $2.40, especially below $2.29, the signal for a deeper decline towards the support area of $1.90 will become more pronounced.
He stated that the strong support is around $2.00, which was previously resistance but has now become new support. If XRP maintains this level, the possibility of recovery remains.
However, Josh emphasizes that this altcoin is currently emitting potential reversal signals but does not yet have enough confirmation to assert a strong bullish breakout.
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