Cryptocurrency analysis company MakroVision has published its latest technical analysis on Ripple (XRP).
The analysis states that XRP has entered a technical stabilization process, while the general downtrend is still ongoing.
According to MakroVision, the XRP price is at a critical stage. The failure of the price to permanently break through the resistance zone in the $2.20-$2.30 range limits bullish scenarios at this stage.
According to the analytics company:
For XRP, the $2.19–$2.23 range is forming a strong resistance cluster along with the 0.382 Fibonacci level ($2.30).
A break above this level could allow the price to gain new bullish momentum towards the $2.50 level.
The $1.90-$2.00 range stands out as the support zone for XRP in the short term. A sustained drop below this level could drag the price back to the recent lows.
Related News
Bitcoin Hit Support in Special Metric, Analytics Company Says: Here Are the Scenarios That Could Happen If It Falls or Bounces
MakroVision states that XRP is currently in a critical decision phase. It is stated that a breakout above $2.30 could trigger a trend change, but a possible pullback below $1.90 would reinforce the downtrend.
*This is not investment advice.
