XRP has succeeded in breaking Beyond $ 3 mark in the last 24 hours, and this has given readers a glimpse of Bullish Momentum. However, this breakout has not yet been confirmed, because the XRP price is still a weekly close to this price level.
The Cryptocurrency is still traded within a falling channel on the weekly period, and in this context an interesting technical analysis of Crypto outslets a bearish scenario of what could happen if XRP loses its current structure.
Analyst warns of Beerarish Breakdown to $ 1.9
There have been Different bullish predictions and technical analyzes for XRP in recent weeks. Crypto analyst Coinskid, however, has expressed concern about what could happen if XRP cannot maintain its position over critical support levels. The analyst shared his view on The social media platform X, accompanied by a graph that Potential disadvantage scenario.
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According to Coinskid, XRP has been going aside since December last year, but finds stability along the Bull Market Support Band (BMS). He described the present moment as the last bullish case for XRP, warning that a breakdown by the BMS that could completely erase Bullish outlook.
In his words: “Loss the BMS and the bullish support for $ 1.90 and XRP can be in free fall.” Nevertheless, he noted that he is still carefully carefully, but the caution stems from the visible threat to lose these crucial levels.
The weekly candlestick diagram that accompanied his post clearly illustrates the situation. XRP is in a falling channel and the last three weekly candlesticks are red after XRP was rejected in September on the upper trend line of this channel.
The Bearish scenario is based on XRP that expands this rejection and then drops to as low as the lower trend line of this falling channel, which is currently around $ 2.2. A break under this line would indicate that Sales pressure has been overtaken The support structure, which probably draws up a deeper retracement.
The next major support level is emphasized at $ 1.90, which coincides with a bullish support zone that dates from an order block formed in June.
XRP prize levels to view
The price levels of $ 2.20 and $ 1.90 represent the most important zones on the weekly graph. By keeping above $ 2.20, XRP can still enable it to maintain its bullish structure in the longer term. Denser support levels in the short term are $ 2.8 and $ 2.72, and persist above these levels Will set XRP for a new attempt to break above the falling channel.
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XRP has managed to keep more than $ 2.8 In recent days. In particular, the purchasing pressure of the new in the past 48 hours was able to push XRP to push $ 2.9 and $ 3.0, achieving an intraday height of $ 3.10.
Interestingly, the Coinskid graph also leaves room for optimism. A bullish projection shows a scenario in which XRP breaks through the upper trendline of the channel and is collected above $ 4. At the time of writing, XRP acts at $ 3.05.
Featured image of Adobe Stock, Chart van TradingView.com