XRP, which is attracting attention in the cryptocurrency market, is showing a critical movement between major support and resistance lines. Currently, XRP has successfully rebounded from the key support line in the 2.10-2.15 dollar range.
XRP is potentially forming an inverse head and shoulders pattern on the daily chart. For this pattern to be confirmed, it must break through the golden pocket resistance zone between 2.56-2.62 dollars. A breakthrough above 2.62 dollars is expected to trigger a strong rally towards a new high.
However, several resistance lines must be overcome to reach this target. First, the 2.33-2.34 dollar, 2.43-2.44 dollar ranges, and the 2.48 dollar level, which was a major swing level in the past, are expected to act as important resistance zones.
On the other hand, downside risks exist. If the current support line of 2.10-2.15 dollars breaks, 2.05 dollars and 2 dollars are expected to be the next support lines. Especially, a breakdown below 2 dollars could imply a larger decline in the coming days or weeks.
In the short term, a technical rebound is in progress at the 2.07-2.08 dollar support line. Although it has not yet reached the expected bottom of 2.06 dollars, the inflow of buying interest in this range shows that market participants remain actively engaged.
Real-time news...Go to Token Post Telegram
<Copyright ⓒ TokenPost, Unauthorized Reproduction and Redistribution Prohibited>
