XRP price remains stable at $2 despite bearish pressure, as bulls aim for all-time high recovery.
XRP price is currently holding steady around $2.09, facing bearish pressure while hovering near a critical support zone. Analysts and traders are closely watching to see if XRP can defend the $2 mark, as a successful defense could signal a potential rebound towards its all-time high.
The $2 support level is crucial for XRP, acting as a significant point of control (POC) in volume profile analysis over the past 11 months. This range, between $2.05 and $2.15, has historically prevented further declines and is closely monitored by traders for signs of short-term buying interest and potential reversals. ChartNerd (@ChartNerdTA) emphasizes the importance of this support level, stating that holding it could pave the way for a return to all-time highs.
In terms of technical analysis, XRP is currently within a descending channel, indicating a downward drift in price with contracting volatility. Despite sellers losing strength, buyers are selectively accumulating near the bottom boundary, suggesting a potential reversal. Resistance levels are seen at $2.30-$2.45, with a breach below $2 potentially leading to a drop towards $1.90 and triggering aggressive buying reactions.
Recent on-chain metrics provide further insights into market behavior, with funding rates showing an increase in leveraged long positions near $2 and wallet losses reflecting pressure on recent buyers. However, XRP accumulation off exchanges indicates that long-term holders are retaining positions, reducing immediate sell pressure.
The outlook for XRP hinges on its ability to hold the $2 support level, with a successful defense potentially leading to a retest of $2.30 resistance. Conversely, a breakdown below $2 could result in a sharper correction towards $1.90 or even $1.25 in extreme conditions. It’s important to note that these scenarios are based on technical analysis and past price behavior, rather than definitive price forecasts.
XRP is currently at a critical juncture, with the $2 support determining the short-term market sentiment. Traders and investors are advised to closely monitor support and resistance levels, incorporating both technical and on-chain signals to make informed decisions about their XRP holdings.
