en.bitcoinsistemi.com
Cryptocurrency analysis firm MakroVision has released its updated technical assessment of XRP, explaining that XRP is currently testing a vital support zone and that this level will be decisive for the price direction.
According to MakroVision, XRP’s price structure is still in a downward trend. The analysis states that the downtrend shown by the red line remains valid, while the recent price action has reinforced this trend with lower highs and lows. In particular, the break of the support line at $2.03 has brought XRP to a critical threshold.
XRP is currently in the “Golden Pocket” area (Fibonacci 0.618–0.665 range), which is considered important in technical analysis. This area covers the $1.95–2.03 band. According to the analysis, although this area is trying to stabilize the price for now, a strong buying reaction has not yet been observed. It is stated that if this level is broken, weaker supports will come into play and this could mean a bearish breakout.
MakroVision outlined two possible scenarios for XRP as follows:
If there is an upward reaction: It was stated that the price could rise above $2.13 again, the first target would be the liquidity zone at $2.23 and then the recent low peaks at $2.35.
If the selling pressure continues: It was stated that XRP could retreat to the $1.55–$1.40 band, in which case the broad bull formation could be disrupted.
*This is not investment advice.