Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. XRP has managed to breakpast the $3 mark in the past 24 hours, and this has given readers a glimpse of bullish momentum. However, this breakout is not yet confirmed, as the XRP price is yet to make a weekly close above this price level.
The cryptocurrency is still trading within a descending channel on the weekly timeframe, and in this context, an interesting technical analysisof crypto outlines a bearish scenario of what could happen if XRP loses its current structure. Analyst Warns Of Bearish Breakdown To $1.9
There have been different bullish predictionsand technical analyses for XRP in recent weeks. However, crypto analyst CoinsKid has raised concerns about what might happen if XRP fails to maintain its position above critical support levels. The analyst shared his outlook onthe social media platform X, accompanied by a chart showing the potential downside scenario. Related Reading Analyst Highlights 2 Scenarios That Sends XRP Price To $9.6 And $33 1 week ago
According to CoinsKid, XRP has been going sideways since December of last year, but is finding stability along the bull market support band (BMS). He described the current moment as the last bullish case for XRP, warning that a breakdown through the BMS could erase that bullish outlook entirely.
In his words, “Lose the BMS and the bullish support at $1.90 and XRP could be in free fall.” Despite this, he noted that he still remains cautiously bullish for now, but the caution stems from the visible threat of losing these crucial levels. Source: Chart from Coinskid on X
The weekly candlestick chart that accompanied his post illustrates the situation clearly. XRP is sitting inside a descending channel, and the last three weekly candlesticks have been red after XRP was rejected at the upper trendline of this channel in September.
The bearish scenario is based on XRP extending this rejection and then falling to as low as the lower trendline of this descending channel, which is currently around $2.2. A break below this line would indicate that selling pressure has overtakenthe support structure, likely setting up a deeper retracement.
The next major support level is highlighted at $1.90, which coincides with a bullish support zone dating back to an order block formed in June. XRP Price Levels To Watch
The $2.20 and $1.90 price levels represent the most important zones on the weekly chart. Holding above $2.20 could still allow XRP to maintain its bullish structure in the longer term. Closer short-term support levels are at $2.8 and $2.72, and holding up above these levelswill set up XRP for another attempt at breaking above the descending channel. Related Reading Demand For XRP On CME Explodes As Reports Show Over $18 Billion 1 week ago
XRP has managed to hold above $2.8in the past few days. Particularly, newfound buying pressure has allowed XRP to push past $2.9 and $3.0 in the past 48 hours, reaching an intraday high of $3.10.
Interestingly, CoinsKid’s chart also leaves room for optimism. A bullish projection shows a scenario where XRP breaks through the channel’s upper trendline and rallies above $4. At the time of writing, XRP is trading at $3.05. XRP trading at $3.04 on the 1D chart | Source: XRPUSDT on Tradingview.com Featured image from Adobe Stock, chart from Tradingview.com