XRP Hits $2 Support, Eyes Potential Rebound Amid Market Downturn
- XRP dropped to $2 support, rebounded slightly, and is currently trading at $2.12, down 2.91% in 24 hours.
- The market downturn, fueled by a $1.25 trillion loss in U.S. stocks, impacted both traditional and digital assets.
- XRP is forming a symmetrical triangle, with potential breakout targets at $2.60, $2.84, $3.00, and beyond.
- Failure to hold support could lead to further declines until bulls regain control.
Ripple (XRP) faces significant volatility and lose its ground and fell back to 2$ support. The token show resilience at this support level and experienced slight rebound. Over the past week, XRP is down by almost 12% showing bearish price trajectory.
Currently, XRP is trading at $2.12 and down by 2.91% in the last 24 hours, with a 24-hour trading volume of $8.20B, market cap of $123.83B. After a steep decline along with the overall market XRP is pointing towards recovery.
Macroeconomic Pressures Drive Market Downturn
One of the main catalyst behind this decline, over $1.25 trillion vanished from the U.S. stock market in a single day, and the impact didnt stop there. Bitcoin and the broader crypto market felt the shockwaves too, highlighting the growing correlation between traditional finance and digital assets.
XRP Consolidates, Eye Potential Breakout
From a technical perspective, XRP is forming a symmetrical triangle pattern on the daily timeframe, signaling a possible breakout ahead. Currently consolidating at $2.11, the price is hovering above a key support zone.
If buyers gain momentum and XRP manages to break above the descending resistance, it could trigger a strong upward move. Potential upside targets in this scenario include $2.60, $2.84, $3.00, $3.21, and $3.40, marking key resistance levels that could shape the next phase of the tokens price action.
However, if the token fails to hold above its support zone, selling pressure may intensify. This could lead to a further decline, pushing the price lower and prolonging the bearish trend.
With market sentiment gradually shifting, the tokens next move hinges on whether bulls can reclaim control and push the price past resistance levels. A breakout from this consolidation phase could pave the way for a strong rebound in the days ahead.
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Read more: https://www.tronweekly.com/xrp-hits-2-support-eyes-potential-rebound-amid-market-downturn/
Text source: TronWeekly
