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XRP Price Faces Pressure, But $2.00 Could Be A Turning Point
The Ripple (XRP) price has been under immense pressure in recent trading sessions, but a crucial level of support at $2.00 could prove to be a turning point for the asset.
After failing to break through the $2.75 resistance zone and the 50-day simple moving average (blue), XRP plummeted below the $2.60 and $2.50 levels. The bears have been relentless, pushing the price below the 50% Fib retracement level of the upward move from the $1.78 swing low to the $2.834 high.
Despite this significant decline, the bulls have managed to keep the price above the $2.00 support. This level has become a crucial pivot point for XRP’s future direction.
If the bulls can continue to defend this area, it may signal a reversal of the current bearish momentum. The next level of resistance would be around $2.42, with more significant hurdles forming at $2.50 and $2.60. A successful breach above these levels could propel XRP towards $2.72 or even the $3.00 resistance.
However, if the bears manage to push the price below the $2.00 level, it may spark a fresh wave of selling pressure. The next level of support would be around $2.18, with further declines possible should the price drop to $2.05 and eventually $1.78 or even $1.65.
At this juncture, XRP is trying to recover above the $2.25 level. To set the stage for a fresh increase, it must first settle above $2.50 and then $2.60.
If not, the bears may aim to push the price towards the $2.05 level or even lower.
