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Analyst Predicts ‘Big Move’ as XRP Price Enters Key Breakout Zone
The cryptocurrency market continues to experience a correction sentiment, with Bitcoin teetering on the edge of breaking below its critical weekly support of $92,000. Meanwhile, the selling pressure has mounted for XRP, causing it to lose support at the $2 mark and enter a key breakout zone.
As of now, the XRP price is trading at $2.09, with an intraday gain of 0.03%. According to Coingecko, the asset’s market cap currently stands at $120 billion, while its 24-hour trading volume has reached $6.9 billion.
The analyst community remains vigilant in their assessment of this crucial development in the XRP price action. A triangle pattern consolidation has taken hold, fueling uncertainty in the market. However, a neutral Doji candle forming at $2.08 support signals the potential for renewed bullish momentum to take over at this critical juncture.
Further analysis reveals that Fibonacci retracement tool highlights key pullback supports at 38.2% and 50% FIB levels, specifically at $2 and $1.7.
Source: www.cryptonewsz.com
