XRP Price Breakdown below $2: Analyst Reveals Next Major Support

Crypto analyst MadWhale has raised the possibility of the XRP price experiencing a breakdown below the crucial $2 support level. The analyst also revealed the next major support if XRP drops below this support level. 

XRP Price Could Drop To $1.90 If It Loses $2 Support

In a TradingView post, MadWhale predicted that the XRP price could drop to the major support at $1.90 if it loses the psychological $2 level. He noted that XRP has demonstrated a classic triple-top formation, with each successive peak showing weaker momentum. In line with this, the analyst asserted that a break below the 42 threshold appears imminent as XRP nears a formidable resistance zone. 

MadWhale further stated that the downward move is expected to extend to at least $1.9, representing an 18% decline. The analyst added that such a price decline aligns with the primary target and a key daily support level. Crypto analyst Ali Martinez had also suggested that XRP could drop to as low as $1.2 if it loses the $2 support. 

XRP

The analyst revealed that the XRP price was forming a head-and-shoulders pattern on the weekly chart, which puts the $2 support level in the spotlight. His accompanying chart showed that the crypto could drop to $1.2 if it breaks below $2. However, despite this bearish outlook, other crypto analysts, such as Egrag Crypto, have highlighted some positive aspects of the XRP price. 

Egrag Crypto stated that the XRP price’s dominance was showing tremendous strength and predicted that if it successfully closed above Fib 0.5, it could soon rally to the Fib 0.888 level. Crypto analyst Dark Defender predicted that XRP could rally to a new all-time high (ATH) if it continues to hold the crucial support levels at $2.04 and $2.22.

The Altcoin Still In Waiting Mode

Crypto analyst CasiTrades stated that the XRP price is holding strong but is still in waiting mode. She added that the bullish structure remains intact, with the altcoin holding above $2.26, which is the key .382 retracement support. The analyst noted that XRP’s price has spent some time flipping the consolidation to support, indicating that markets are setting up for the next move.

The crypto analyst revealed the $2.70 and $3.05 resistance levels and $2.25 support level as the key levels to watch. She remarked that the XRP price needs to flip $2.70 and $3.05 to become support for the confirmation of the next wave up. Meanwhile, CasiTrades suggested that XRP risks dropping to as low as $1.54 if it loses the lower support support at $1.90. 

The crypto analyst also mentioned that the price needs to break above $3.40, its current ATH, to confirm a new trend. Until then, the wait for signs of confirmation continues, which she claimed may not be obvious until wave 3 in the market cycle. CasiTrades asserted that key Fib levels have been breached, and the market is on the edge of a breakout. 

At the time of writing, the XRP price is trading at around $2.29, down over 2% in the last 24 hours, according to data from CoinMarketCap.

XRP

How useful was this post?

Click on a star to rate it!

Average rating 0 / 5. Vote count: 0

No votes so far! Be the first to rate this post.

Latest posts

post-thumbnail
Ethereum (ETH)’s 8% Rise Leaves Investors Wanting More—BinoFi (BINO)’s Hybrid Exchange Platform Surpasses Expectations
The post Ethereum (ETH)’s 8% Rise Leaves Investors Wanting More—BinoFi (BINO)’s Hybrid Exchang...
READ MORE
post-thumbnail
Just In: President Trump Declares End to Crypto ‘War’
The post Just In: President Trump Declares End to Crypto ‘War’ appeared first on Coinpedia Finte...
READ MORE
post-thumbnail
Dogecoin (DOGE) Poised for 15% Rally, Bulls Eye Key Breakout 
The post Dogecoin (DOGE) Poised for 15% Rally, Bulls Eye Key Breakout  appeared first on Coinpedia ...
READ MORE
post-thumbnail
Trusted Execution Environments Explained: Enhanced Blockchain Security and Beyond
The post Trusted Execution Environments Explained: Enhanced Blockchain Security and Beyond appeared ...
READ MORE
default post thumbnail
XRP Wave 4 Count: Why $2.66 Is The Most Important Level To Beat
Crypto analyst Egrag Crypto has discussed the possibility of the XRP price witnessing another correc...
READ MORE
default post thumbnail
Dogecoin Forms A Daily Bullish Pattern – Analyst Expects A Breakout To $0.43
Dogecoin is currently consolidating within a tight range, trading below the $0.18 mark and holding s...
READ MORE
Read more posts