Cryptocurrency XRP Key Support and Resistance Levels to Watch
Market Turmoil and XRP's Position
XRP continues to face a turbulent market as broader crypto selloffs weigh heavily on major altcoins. Despite this volatility, XRP has managed to consolidate above the $2 mark throughout most of the month, holding firm amidst intense market liquidations.
However, the token recently dropped to $1.97 on December 20, before rebounding to regain ground above this critical psychological level. With traders closely monitoring price movements, analysts have identified key support and resistance levels that could shape XRP's trajectory this weekend.
XRP Key Levels to Monitor
- Current trading price: $2.15, down over 9% in the past seven days.
- Crucial support level identified at $2.17.
- Failure at $2.17 could lead to a deeper correction targeting $1.92.
- Immediate resistance seen at $2.50.
- Breakout above $2.62 crucial for further gains.
Notably, on-chain analyst Ali Martinez indicated that a rebound to $2.62 could trigger the liquidation of $20.50 million in short positions, acting as a potential catalyst for upward momentum. Longer-term bullish targets remain at $5.85 and $8.76.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.