Cryptocurrency markets opened the weekend under pressure, with most assets trading in the red according to CoinStats data.
Amid the general downturn, XRP stands out by gaining 3% in the last 24 hours, signaling potential resilience in a bearish environment.
COINOTAG highlights that XRP’s price action is approaching critical support levels, which could determine its short-term trajectory.
XRP bucks the weekend crypto downturn with a 3% rise, testing key support at $2.7558 amid low volatility and cautious market sentiment.
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The XRP/USD pair has demonstrated notable strength by rising 3% over the past 24 hours, contrasting with the broader market’s decline. However, technical indicators suggest caution as the hourly chart reveals a bearish setup. The price is nearing a crucial support level at $2.7558. A daily close below this threshold could trigger a test of the $2.70 range, potentially inviting further selling pressure.
On a larger time frame, the nearest significant support is identified at $2.6461. Maintaining price action above this level is essential for bulls to retain control and possibly drive XRP towards the $3 resistance zone. Currently, XRP trades at approximately $2.7780, situated in the middle of a broad channel ranging from $1.7711 to $3.40. This positioning suggests a balanced tug-of-war between buyers and sellers.
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Source: https://en.coinotag.com/xrp-shows-modest-gains-amid-market-decline-faces-key-support-and-resistance-levels/