Amidst ongoing market instability and volatility, the XRP price has remarkably maintained its support levels, even as many altcoins crashed this past week. A well-known crypto analyst has spotlighted a critical resistance level at $2.3, emphasizing that XRP’s forthcoming movement heavily relies on its ability to breach this barrier.
XRP Price At $2.3: A Make Or Break Point
As reported by AMCrypto, an analyst on X (formerly Twitter), XRP had been sustaining strong support at the $2 mark. This is particularly noteworthy when compared to the severe price crashes observed in other altcoins earlier this year, with XRP standing out as one of the few assets that did not dip below its February capitulation price.
The $2 price level emerged as a pivotal support zone, acting as a barricade against further depreciation thanks to robust buying activity. Recently, however, XRP has slipped below the $2 threshold and is currently trading at approximately $1.68.
Furthermore, AMCrypto shared a price chart illustrating that XRP just recently broke out of a Descending Triangle pattern, known for typically foreshadowing significant price moves. However, for this breakout to gain the necessary momentum, XRP must surmount the pivotal resistance level at $2.3.
If XRP successfully clears the $2.3 resistance, analysts predict a rapid ascent towards the $3.00 – $3.20 range, potentially leading to new highs. Historical data indicates that XRP has previously experienced two strong breakouts from similar Descending Triangles, with its most recent triangle leading to a significant spike above the $2.3 resistance with vigorous bullish movements.
However, AMCrypto warns that without a decisive breakthrough at $2.3, XRP’s price action is likely to remain constrained within a wider consolidation range. This could hinder short-term momentum, stalling any upward trajectory for the cryptocurrency until clearer bullish signals materialize.
Analyst Predicts Price Crash To $0.6
Currently, XRP appears to mimic the broader market’s bearish trend, having plunged by approximately 20% in the last 24 hours, as reported by CoinMarketCap. The cryptocurrency has also seen a decline of 30% over the past month, signaling persistent downward pressure and dwindling investor confidence.
In a recent post on X, crypto analyst Jesse Colombo highlighted XRP’s recent fall below critical support zones, cautioning that the cryptocurrency may be on course for a deeper plunge toward $0.6. This analysis points to the emergence of a Head and Shoulder pattern on the price chart, a classic bearish reversal indicator that often precedes substantial downward movements.
Should XRP’s price continue its downward trajectory to $0.6, this would represent a drastic 64% decrease from its current level of $1.68. Nonetheless, AMCrypto has identified new support levels between $2 and $2.2, suggesting that a rebound to this range could serve as a significant shield against further price declines for the altcoin.
