XRP (CRYPTO: XRP) slipping below the $2 mark signals near-term weakness, even as technical indicators begin to hint at a potential buying opportunity.
What Happened: YouTuber Blockchain Backer says XRP’s outlook remains difficult to read amid heightened volatility, describing the current environment as a “goblin town” phase defined by sideways price action.
XRP is up about 1.5% over the past 24 hours, trading near $1.86.
It remains down 13.7% over the past month and nearly 49% from its July high of $3.66.
Blockchain Backer argues that this type of consolidation is typical ahead of a major move, but he draws a cautionary parallel to Cardano’s (CRYPTO: ADA) 2022 structure.
In that cycle, ADA repeatedly defended support levels before breaking down, eventually sliding to bear-market lows after losing key Fibonacci retracements.
Also Read: Bitcoin To $88,000, Ethereum, Dogecoin Bounce Too, But Why’s XRP Lagging?
What’s Next: Blockchain Backer notes XRP has already lost several Fibonacci supports at $2.50, $2.29 and $2.03. If the pattern persists, he sees the next downside target near $1.61.
Not all analysts are bearish. Egrag Crypto believes the recent bounce from $1.83 may have completed a retest, outlining bullish targets at $3.72, $9 and even $27.
Meanwhile, crypto chart analyst Ali Martinez pointed out that XRP is flashing a buy signal on the TD Sequential indicator.
The signal suggests downside momentum may be waning, and a short-term reversal could be forming, a setup that often appears after extended selloffs when sentiment is already bearish and price is near key support.
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