The News Crypto -
- XRP price fell by over 5%, struggling to stay above the $0.51 mark and violating key support levels.
- Analysts have varying opinions on XRP’s future, with some suggesting a need to stay above $0.40 to prevent a substantial plunge to $0.25.
- XRP’s fate depends on whether bulls can regain lost ground and maintain support around $0.51.
XRP slipped over 5% in the last few hours, violating multiple price floors as bears seized short-term control. The token also fought to hold above the psychologically important $0.51 mark. The breakdown revives downside risks, depending on whether or not crucial support bottles up selling pressure.
After spiking briefly on the heels of Bitcoin’s rally, XRP met stubborn resistance around $0.54, sparking a sideways drift followed by a breach below its 0.236 Fib line. The technical crack opens the path to retesting 2022 swing lows around $0.33 without a swift trend reversal.
Analyst opinions diverge on appropriate strategies given the precarious position, still hundreds of percentage points below all-time highs. But some agree that significant declines remain possible, barring moves back above formidable supply zones.
XRP needs to stay above $0.40
Indeed, much depends on whether XRP bulls quickly regain lost ground before lower support levels enter the targeting range of motivated bears. A cluster of potential buy zones between $0.495 and $0.515 is crucial to preventing worst-case scenarios.
Presently, traders are left scoreboard watching to see whether constructive bidding resurfaces as XRP consolidated around $0.51 after this week’s selloff. Sustained trade below there threatens retests of $0.50, and just below that, significant buying interest must materialize to prevent sharper losses.
Of course, resurgences remain possible, with lower prices reviving appetites among long-frustrated XRP loyalists. But passing indicators presently flash warnings without positive momentum shifts. The token’s fate teeters as both camps vie for supremacy.
This article was originally published on thenewscrypto.com
