XRP's Price Analysis: Critical Support Levels to Monitor Amidst Potential Market Collapse
The article discusses the recent XRP price fluctuations following a significant market crash and analyzes crucial support levels.
XRP has experienced another major capitulation during the recent cryptocurrency market crash that occurred a few days ago, after it could not hold onto its prior support levels. Despite several attempts to establish stability, the asset continues to face pressure as both the XRP/USDT and XRP/BTC trading pairs are showing weaknesses in trend and structure.
Technical Analysis
By Shayan
The USDT Pair
In the XRP/USDT pair, XRP broke below its previously established falling wedge pattern, invalidating the previously bullish setup. The market saw a drop to as low as $1.25 on some exchanges but managed to bounce back above $2.00 on the crash day. Currently, the price is testing the lower boundary of a long-term ascending channel. It is sitting just above a critical support zone close to $2.00.
Both the 100-day and 200-day moving averages have turned into resistance levels, while the RSI is around 36, indicating ongoing bearish pressures. If the current structure fails to hold, XRP might drop toward $2.00 or even lower to the $1.25 mark in the upcoming weeks, potentially signaling the start of a bear market. Conversely, reclaiming the $2.70 level would indicate a renewed strength.
XRP USDT Chart
The BTC Pair
The XRP/BTC pair showcases the intensity of the recent flash crash, with the price plummeting from approximately 2,000 SAT down to 700 SAT, only to rebound within a day, creating a substantial wick.
This pair is currently trading just above the 2,000 SAT support level, but both the 100-day and 200-day moving averages are declining from above, confirming a bearish market structure. Meanwhile, the RSI has slightly recovered from deep oversold territories but remains below 40, indicating limited bullish momentum for now. If the 2,000 SAT level does not hold, the next substantial support position is near the 1,500 SAT order block. Conversely, a recovery above 2,500 SAT would be needed to confirm any definitive reversal.
XRP BTC Chart
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