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Title: XRP Price Faces Critical Support Test at $2.84 as Market Correction Continues
XRP’s price action has been particularly affected by the recent market correction, with a significant decline below the psychologically important $3 mark. As it currently trades at around $2.84 (+0.32% in 24 hours), key support and resistance levels come into focus.
While Ripple’s ecosystem enjoys positive developments such as a partnership with SBI Holdings to distribute RLUSD stablecoin in Japan, as well as joining TRM Labs’ Beacon Network for enhanced security, the broader market sentiment currently overshadows these fundamental improvements.
Ripple’s technical analysis paints a concerning picture for short-term price action. The RSI has dropped into neutral territory at 42.96 and is heading downwards, indicating that selling pressure may continue to unfold.
The MACD indicator presents an overwhelmingly bearish outlook for XRP, with the main line moving downward, the signal line following suit, and a negative histogram of -0.0242 reinforcing this notion, signifying accelerating bearish momentum.
On the other hand, Ripple’s position within the Bollinger Bands tells another story. With XRP trading near the lower band at $2.74 and showing an oversold condition with a percentage-B position of 0.1857, the token is approaching an area that could trigger a technical bounce.
Short-term price action becomes crucial now as it tests major support levels following this week’s market correction. Short-term indicators signal bearish momentum, but in conjunction with the proximity to key support and oversold conditions, there remains a possibility for XRP to see a short-term relief rally towards $3.00 resistance.
XRP Price Levels: Critical Support and Resistance
Ripple’s price has entered a precarious situation as it faces an immediate support at $2.76, which closely aligns with the current price of $2.84, offering little buffer against further declines.
Beneath this level lies significant support at $2.72, which could trigger additional selling towards the Bollinger Band lower boundary at $2.74, creating a potential bounce area.
On the upside, XRP faces formidable resistance above its current price. The immediate resistance resides at $3.35 and aligns with recent highs, while the stronger resistance at $3.66 acts as a significant technical barrier.
XRP’s 24-hour trading range has narrowed to $2.87/$2.77 within the past day, suggesting that XRP’s next move could be either an explosive breakout or a continued decline, depending on market sentiment and the outcome of this critical support test.
To make a decisive decision, traders should closely monitor the $2.76 support level as a break below would prompt additional selling pressure towards $2.72, while holding above this threshold could trigger short-term relief buying.
Source: Blockchain.News
