by Reza Ali
The crypto trading community remains cautious after MadWhale forecast the chance that XRP could break through $2 support to reach new lows. The analyst described the most important support level XRP would reach if its main $2 threshold failed to hold.
The TradingView expert MadWhale believes XRP might reach its main barrier at $1.90 when the coin cannot stay above $2 in price. The analyst pointed out XRP showed three weak peaks in its price chart which created a triple-top pattern. Subsequent price action shows XRP heading towards resistance which might result in breaking below $3.42 levels according to MadWhale.
Fibonacci Levels Indicate Possible Rally for XRP
The expert analysis confirmed that XRP would probably decrease down to $1.90 within the 18% range before any reversal occurred. In his analysis he determined that this potential decrease matches the essential goal line followed by a vital daily support barrier. The expert in crypto analysis Ali Martinez believes XRP must drop beneath $2 to reach its worst price point at $1.20.
On his weekly chart analysis Martinez sees that XRP shows a head-and-shoulders pattern which proves that the $2 support level needs protection. His additional chart shows that if XRP drops below $2 the coin could decrease sharply towards $1.20. Some market insiders at Egrag Crypto see XRP developing positive scenarios despite projecting conservative forecasts.
Egrag Crypto insists that XRP maintains its leading position in the cryptocurrency market. When XRP moves above the 50% Fib maximum it will increase the chances of a new rally heading toward 88.8% Fib. Dark Defender told investors that XRP can strike a new annual high when it defends the $2.04 and $2.22 price floor.
XRP Must Surpass $3.40 to Confirm a Bullish Breakout
The analyst CasiTrades observes XRP keeps its position yet stays trapped within a consolidation zone. She confirms to investors that the trend remains up since XRP stays supported at $2.26 which represents a strong .382 Fib resistance level. The latest period of trading consolidation has become strong support for XRP which indicates that its next important market movement is on the horizon.
CasiTrades analyzed two resistance areas as $2.70 and $3.05 while marking $2.25 as the essential support level. For XRP to enter an upward movement the market needs to validate $2.70 and $3.05 as new support levels. Support needs to remain above $1.90 to prevent the market value from falling back to $1.54.
The analyst stated clearly that XRP needs to exceed $3.40 which marked its highest ever level before starting a confirmed bullish phase. Until the market reaches wave 3 she thinks market signals will stay uncertain. The market is ready to break out because important Fibonacci levels have already been tested.
The CoinMarketCap records show XRP currently trades at $2.29 with 2% decreasing value during the past day. Market observers wait cautiously to find out what direction XRP will take next since they disagree about its future direction.
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