XRP’s price has experienced significant pressure after a recent rebound, currently trading at approximately $2.25. This figure represents a slight decline over the past week, as buyers struggle to overcome crucial resistance levels. According to market data from CoinMarketCap, XRP holds a market capitalization of about $135.76 billion, with a trading volume of $2.96 billion in the last 24 hours—a notable decrease compared to previous days.
Technical analysts at MakroVision characterize the current chart structure of XRP as fragile. They point out that there have been repeated failures in pushing the price above a supply zone near $2.48. Each attempt to reach this level has drawn significant selling pressure, preventing the establishment of a bullish trend. While XRP previously rallied to $2.55 on the weekly chart, it reversed course as sellers capitalized on higher prices to close their positions.
The market has since formed lower highs and has entered a weak sideways phase below the identified resistance. On the downside, XRP has found support around $2.16, where buyers have stepped in several times. This price point is also linked to a 0.382 Fibonacci retracement level, a factor many chart traders monitor. Despite this support, the reaction from buyers has been limited, and trading activity appears to be waning.
Analysts emphasize that the $2.16 support level is critical for XRP. As long as the price remains above this threshold, the market can potentially avoid a more severe decline. If sellers manage to push the price below this level, the next potential demand zone could be between $2.02 and $1.88. This range combines previous horizontal support with additional Fibonacci levels, making it a focal point for many trading strategies.
Until a clear breakout occurs, traders are likely to view $2.16 as near-term support and $2.48 as overhead resistance. The analysts at MakroVision outline a potential path for XRP’s recovery: buyers would need to reclaim the $2.48 zone and maintain the price above it. Such a breakout could pave the way for an increase towards $2.65, fundamentally altering the trend’s character. Currently, market momentum leans towards caution, with the range between $2.16 and $2.48 marking a zone of indecision among traders.
