- XRP Price is not able to overcome the resistance at 2.90 and keeps being rejected at this point.
- A decline under the support of $2.80 may push XRP to the $2.72 range.
- Breakout of above $2.90 can nullify bearish forecast and mark bullish extension.
XRP price is stuck at a critical inflection point with the price testing the upper limit of a clearly-defined trading range. Market volatility is simmering under the surface with resistance ready to occur at $2.90 and strong support at $2.80. Recent action shows that a break or breakout is about to occur and traders are closely monitoring it. Bearish or bullish, the big move will mark XRP and potentially create an impact on its short-term trend.
XRP Price at Critical Resistance as Traders Eye Breakout or Sharp Reversal
This 1-hour XRP chart depicts a significant technical departure, with a clearly defined range-bound structure present and an increase that could be either sustained or harshly rebuffed. XRP price is trading at an average of $2.84, overhead resistance is at $2.90 zone which has played a significant role as an area of supply.
This is a major obstacle because it is historically at this point that several pullbacks have occurred. According to price action, XRP has been denied access to this region twice in the last few days, constituting a two-top like formation. When this resistance is once more rejected, a rejection would take XRP down toward the support of the $2.80, where it has provided consistent support during the recent sideways squeeze.
Any bearish break of the range by XRP below $2.80 and volume confirmation can indicate the range is breaking down. The following support in this case is based on the areas of approximately $2.74, and the potential drop to $2.72 and even $2.7 or $2.68 areas which were characterized by previous demand and wick rejections.
But once XRP successfully breaks and closes above $2.90, it will nullify the bearish scenario and pave the way to additional gains. The formation made on the chart with dashed lines is the indication of a potential breakout-retest-continue chain in the case of bulls winning.
At this juncture, momentum is neutral, and traders would be interested in the reaction of price to the resistance of $2.90. The short-term trend will probably be determined by a clean rejection or verified breakout of this zone.
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