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The XRP price has been attempting to recover from its decline below the crucial $2.085 support level, with traders now facing a critical juncture at the $2.20 resistance zone. The cryptocurrency’s recent momentum has been driven by an accumulation in on-chain metrics despite market declines.
The immediate resistance lies around the $2.20 mark and, if broken, the next target could be seen at the $2.25 level. Any failure to break this wall of resistance may result in a retest of the $2.08 zone for the cryptocurrency.
A head-and-shoulders bearish pattern has been confirmed on XRP’s chart, indicating the potential for further declines towards the $2.00 mark. If this support holds, it could set up a major buy signal as investors reassess their risk and join in on the rally.
Source: coincentral.com
