XRP Faces Strong Resistance, Possible Price Drop Imminent
Recent analysis by R. Linda on TradingView indicates that XRP faces significant resistance following a recent recovery. The market remains unstable, with both XRP and Bitcoin potentially entering correction zones.
Key Points:
- XRP is in a correction phase after a strong sell-off. The overall cryptocurrency market shows signs of weakness despite some recovery.
- XRP and Bitcoin are approaching strong resistance areas, which may lead to renewed selling pressure.
- The resistance zone could trigger profit-taking, leading to another decline.
- The current market situation suggests a pause rather than a strong rally, with the short-term trend for XRP remaining fragile.
Technical Analysis:
- XRP broke below its trading range support, confirming a structural breakdown.
- The price is testing the liquidity zone between $2.70 and $2.7266, facing potential heavy resistance.
- Key resistance levels: $2.70 – $2.7266 and $2.8286; key support near $2.5050.
- A failure to stay above resistance could lead to a drop toward support.
- A sharp rise without technical strength might cause a false breakout, risking a quick fall back to support levels.
Traders should be cautious with the current XRP rebound, as the resistance zone remains critical. Without a strong breakout, another price crash could occur.
