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Analyst Reveals XRP’s Final Line of Defense
A prominent analyst has identified a crucial technical level that will define the next major move in Ripple’s XRP (XRP) price action. According to his latest post on Twitter, $2.94 is the final line of defense for bulls and a decisive battleground.
In order to prevent a deeper correction and avoid a potential breakdown, XRP must hold above this critical level. If successful, it could pave the way for a stabilization of prices and possibly even a retest of higher resistance zones between $3.05 and $3.10. This could ultimately reopen the path to new all-time highs above $3.25.
The analyst’s chart highlights that the $2.94 zone is not just psychologically significant but also technically important. XRP recently flipped this area from a former resistance level into support, which has helped fuel the rally.
As the cryptocurrency tests this price point, traders are left with a choice: hold above or fall below. A failure to defend this level could lead to a more pronounced downturn and potentially pull the price back towards critical support areas of $2.73 and $2.61.
XRP’s recent breakout from a multi-month descending triangle pattern was nothing short of remarkable, pushing prices beyond major resistance levels and prompting renewed optimism in the market. However, like many assets following a parabolic run, XRP is now experiencing a healthy correction.
Ultimately, the battle at $2.94 will decide whether the cryptocurrency enters a new phase of growth or faces a harsh reality.
Source: timestabloid.com
