XRP Price Analysis: Market Pressure Is Currently Bearish, But There Remains a Chance for the Bulls to Step In

Cryptocurrency markets are in the red today, with major coins including Bitcoin, experiencing price declines. XRP has been hit the hardest, with its price dropping over 20% in the last 24 hours.

Cryptocurrency markets are experiencing a downturn today, with major coins like Bitcoin (CRYPTO: BTC) seeing price decreases.

XRP (CRYPTO: XRP) has taken the hardest hit, with its price dropping over 20% in the last 24 hours. The price has now dropped below its previous key support level of $2.52 and is currently trading at $2.41.

If the price continues to fall, a test of the $2.32 level becomes more likely. A break below $2.32 would confirm a more bearish outlook, suggesting an invalidation of the previous micro “one-two” setup.

For now, the larger pattern remains intact, but the market is showing increasing pressure. The depth of this decline remains to be seen, and it will be crucial to watch how the market reacts to these new support levels in the coming days.

Waiting For Confirmation

To confirm a reversal, XRP would need to break above the recent high of $3.15. Also, a break above the $2.89 level (the golden ratio) could signal the start of an upside breakout.

For now, the market is still in a correction phase, but it is in an area where a potential low could be forming.

Larger Range And Next Support Levels

On a broader scale, XRP is still trading within a larger sideways range, which is bounded by the $1.96 level (the previous breakout point from 2021) on the lower end and the $3.40 level on the higher end.

If the market continues to decline, the next key support levels are at $2.23 (the 100% extension of the immediate down move) and lower levels around $1.96 and $1.23.

Overall, the market pressure is currently bearish, but there is still a chance for the bulls to step in. With BTC having reached its downside target, the market could see a reversal in the coming week. However, no confirmed low has been established yet, so it’s best to be patient and watch for further updates.