Crypto analyst Dom has commented on the current XRP price action and revealed what the triple tap at $1.80 means for the altcoin. This is because XRP has lost most of its gains from the beginning of the year over the past period crypto market crash.
XRP price reaches major support with Triple Tap at $1.80
In one X messageDom stated that there is a triple tap in the $1.80 zone, which is the last possible expression of a soil structure for the XRP price. The analyst warned that further downward moves are likely to cause a collapse of the altcoin. He added that regaining $2.05 is the target for bulls to bring the chart back into a “safe zone.”
Related reading
This analyst comes in amid the XRP price crash below the psychological $2 level. The altcoin has crashed along with the broader crypto market, losing most of its annual gains in the process. This is on the back of the latest one Trump Tariffs on eight European countries, which has led to bearish sentiment in the market.
Commenting on the 30% rally in the XRP price earlier this month, Dom reiterated that this was a weak move. He noted that the order flow analysis did not show strong buyer support and that this boost was possible due to low liquidity. On-chain analytics platform Glassnode also recently commented on the current price action, noting that the current market structure for XRP is very similar to that of February 2022.
Glassnode stated that investors active in the 1 week to 1 month period are now accumulating below the cost basis of the 6 to 12 month cohort. They added that as this structure persists, psychological pressure increases top buyers continues to build over time.
The structure of XRP is still intact
In one X messagecrypto analyst Egrag Crypto stated that the XRP price structure remains intact, with the highest resistance between $3.40 and $3.60. Meanwhile, the lower support is between $1.85 and $1.95, and the price is currently close the range is low. The analyst also noted that the 21 EMA is trending downward and acting as resistance while the price is still below it, indicating weak short-term momentum.
Related reading
As for what could happen next, Egrag Crypto predicted a liquidity probe rather than a confirmed one XRP price breakdown. He explained that a wick below $1.85 within a certain range is normal liquidity behavior. However, a weekly close below this level could indicate a structural failure and increase cycle risk.
Until that happens, Egrag Crypto noted that the XRP price is still varying, holding structure, not broken, and not in macro bust. He added that his stance remains unchanged as he is still bullish and holding as long as the structure remains valid.
At the time of writing, the XRP price is trading around $1.90, down more than 3% in the past 24 hours. facts from CoinMarketCap.
Featured image of Peakpx, chart from Tradingview.com