Key Insights:
- XRP faces strong resistance at $2.70, a breakout could open a path toward $3.10 and beyond.
- Price holds above key Fibonacci supports at $1.61 and $2.25 despite recent sharp sell-off.
- Falling channel remains intact, next move above or below will shape XRP’s short-term direction.
XRP was trading at $2.50 after a sharp pullback earlier in the week. Over the past 24 hours, the price has edged up 2.1%, though it remains down 12.9% over the last seven days. The recent drop brought XRP near $2.30 before buyers stepped in.
The token continues to move within a falling channel that has shaped the trend for several weeks. This pattern is formed by downward-sloping support and resistance lines. The bounce from the lower boundary suggests buyers are active at that level, but the trend remains controlled by sellers.
$2.70 Resistance Remains a Barrier
The area between $2.70 and $2.73 has become the main level to watch. It marks previous breakdown support and lines up with the midpoint of the current channel. A move above this zone could shift the short-term direction and allow room for further gains.
Chart analyst ChartNerd stated,
The price has tested this area before but has yet to close above it with strength. A clear breakout could set the stage for a push toward $3.10 and, beyond that, the 2021 peak near $3.80.
Key Fibonacci Levels Still Hold
On the monthly chart, XRP is holding above two important Fibonacci retracement levels—0.786 at $1.61 and 0.886 at $2.25. These levels have acted as a floor during recent selling and have not yet been broken on a closing basis.
A deep wick on the current monthly candle shows that price briefly dipped to $2.25 before reversing. According to Cantonese Cat, this was a “scary deleveraging event that retail didn’t really get a chance to buy.” This suggests the drop may have been driven by liquidations, not a lack of interest.
Source: Cantonese Cat/XDirection Hinges on $2.70 Break
XRP continues to trade within a downward-sloping structure. Until $2.70 is broken, the pattern remains intact. Traders are watching for a breakout or another rejection at that level.
If the price pushes above $2.70 and holds, the path toward $3.10 becomes more likely. On the other hand, failure to stay above $2.30 could lead to renewed pressure, with the next support near $2.10. The next move will likely decide whether XRP shifts from consolidation into a stronger trend.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
Source: https://coincu.com/analysis/xrp-eyes-2-70-breakout/
