XRP price analysis: Critical $2.00 support holds the key amid recent weakness
XRP has faced bearish pressure, declining for three consecutive days and currently hovering around a crucial short-term support level at $2.00. Technical price structure indicates this level is pivotal. If bulls successfully defend the $2.00 mark, it could set the stage for a retest of recent highs at $2.24. A decisive break above this resistance could fuel further momentum, targeting $2.40. Conversely, failure to maintain support at $2.00 could lead to increased selling pressure, with immediate downside targets located at $1.96, $1.90, and potentially $1.86. On the fundamental side, XRP sentiment remains cautiously optimistic. The recent easing of regulatory concerns, following the SEC dropping its appeal against XRP's classification as a non-security, provides market stability. Additionally, Ripple’s strategic acquisition of Hidden Road brokerage aims to enhance institutional involvement, potentially bolstering market confidence. Market participants should closely monitor the $2.00 support as a significant decision point that will likely define XRP's near-term directional bias.
Author
Denis Joeli Fatiaki
Independent Analyst
Denis Joeli Fatiaki possesses over a decade of extensive experience as a multi-asset trader and Market Strategist.
