XRP is currently trading under pressure, with its price hovering around $2.25. This reflects only a slight decrease over the week, yet analysts warn that market conditions remain fragile. According to data from CoinMarketCap, the total market capitalization of XRP stands at approximately $135.76 billion. In the last 24 hours, trading activity has seen about $2.96 billion in XRP transactions, marking a significant decline from previous volumes.
Market analysts from MakroVision assess the current structure of the XRP chart as weak. They point out that despite numerous attempts, buyers have struggled to push the price above a crucial resistance level located around $2.48. Each effort to reach this level has been met with strong selling pressure, resulting in the price retreating before a solid upward trend can establish itself.
Previously, XRP experienced a rally that peaked at approximately $2.55, but it quickly reversed as sellers capitalized on the higher prices to close their positions. This reversal has led to the formation of lower highs, pushing the market into a fragile sideways phase below the resistance threshold. On the lower end, XRP has found some support near $2.16, where buyers have intervened several times.
Important technical indicators show that this support level aligns with a 0.382 Fibonacci retracement level, a point often monitored by chart traders. Nonetheless, the response from buyers has been limited, and overall trading activity continues to decline.
Analysts identify the $2.16 support level as a critical marker. The ability of XRP to maintain its position above this threshold is vital in preventing a more severe market downturn. Should sellers manage to drive the price below this support, the next key demand zone is anticipated to lie between $2.02 and $1.88. This area combines previous horizontal support with additional Fibonacci levels, making it a focal point for trading strategies.
Currently, traders are treating $2.16 as a near-term support level and observing $2.48 as overhead resistance. MakroVision outlines a potential recovery pathway for XRP, suggesting that buyers must reclaim the $2.48 zone and sustain trading above it. A successful breakout could pave the way for a rise toward $2.65, altering the market trend.
At present, the prevailing momentum suggests that caution is warranted. The range between $2.16 and $2.48 illustrates a period of indecision among traders, emphasizing the importance of keeping a close watch on these pivotal price levels in the days ahead.
