XRP prices are down by over 5% in the last day amid a broader price correction in the general crypto market. The prominent altcoin now trades around $2.81 with no indication of a potential pause in selling momentum. While this crisis persists, popular X analyst with the username Egrag Crypto has helped identify the currently crucial support and resistance levels for the market bulls.
Firstly, micro price analysis suggests that XRP must achieve a daily price close above $3.12 to signal a market bottom entry. In doing so, the cryptocurrency reclaims a pivotal resistance level, paving the way for a potential rise to higher levels such as $3.60.
Notably, XRP has since emerged from the bull pennant signaling intentions to maintain its current uptrend. However, the altcoin faces an insurmountable resistance around $3.84, which aligns with an intersection between the mid-cycle top and the 21 EMA line. If XRP can successfully break past this price barrier, investors should anticipate a direct rally to the projected cycle top $17, representing a potential 525% gain on present market prices.
At the time of writing, XRP trades at $2.81, reflecting a 5.32% decline in the past day as earlier stated. This recent price fall underscores a turbulent trading period for the altcoin, which lost over 11.38% of its market value in the last week. However, a monthly price gain of 22.18% indicates a significant number of investors remain in profit despite these corrections.
