XRP (XRP) Market Analyst Shares the Next Major Support Level as the Crypto Market Enters Another Correctional Phase

With XRP and the crypto market entering another correctional phase, a notable market analyst has shared the next major support for XRP.

As XRP and the broader crypto market enter another round of correction, a prominent market analyst has highlighted the next key support level for the fourth-largest cryptocurrency.

On Tuesday, XRP joined a wider market downturn, correcting over 6% from its intraday high of $2.46. While the XRPL native token pushed for higher prices during today’s Asian trading session, it has relinquished the majority of its gains at the time of writing.

In the meantime, prominent market analyst Nebraskangooner has hinted at the next support level that could provide solace to XRP. In a January 7 tweet, he asserted that the fourth-largest crypto asset could further correct 12% to a crucial demand zone.

Analyst Says XRP Is Back Consolidating After Fake Out

In his commentary, Nebraskangooner stated that XRP is back consolidating within its falling wedge price pattern. He insinuated that the token faked a breakout from the structure after a daily close on January 3.

An attached chart shows that XRP consolidated above the tip of the bullish flag pattern for three consecutive days before yesterday’s sharp decline. With the dump, the market speculator stated that XRP will target an over 12% correction to the $2 support zone now that it is back inside the range.

Significantly, the large demand wall around the $2 price level has served as a crucial support for XRP on multiple occasions. To provide context, the coin bounced from the region on December 10 and 20 after a proper market capsize.

Where Next for XRP?

In the meantime, analyst Egrag Crypto had earlier mentioned that XRP will continue to range within its micro levels until a break to price discovery. The analyst insisted that “it is all noise” between $2.00 and $2.65.

While the asset attempted to reach the upper range band, its foray lost steam amid a broader market correction. For context, XRP grew to an intra-month high of $2.50 four days ago but has corrected over 7% since then.

Nonetheless, a break above the $2.65 range will see XRP surge to $3.55 and $3.77. However, if it breaks below the lower range, the asset could correct further to $1.64 and $1.37.

At the moment, XRP trades at $2.30, up 1.35% since today.

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