XRP cryptocurrency is hovering near a significant technical level following a correction of approximately 20% from its recent local peak. On-chain data reveals several support and resistance zones that could dictate the asset’s future trajectory.
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Market analyst Ali Martinez noted that prior to its correction, XRP experienced a 71.8% price surge, climbing from $0.988 to $1.698. Subsequently, the price retreated to the $1.35–$1.38 range, which is now considered a crucial support area.
According to Glassnode data, approximately 3.2 billion XRP were previously traded within this price bracket. This concentration of trading activity suggests that a considerable number of investors acquired the asset at these specific levels. This could potentially bolster demand if the price remains above the $1.35–$1.38 zone.
Concurrently, several notable resistance levels have formed above the current price. The first is situated near $1.60, where approximately 1.99 billion XRP were previously transacted. The subsequent level is at $1.68, with an approximate historical volume of 1.98 billion XRP.
The analyst identifies the $1.86 mark as the strongest barrier. At this level, around 3.47 billion XRP have changed hands historically. Should buyers manage to sustain the price above this threshold, the next significant target could be the $2.19 level.
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At the time of writing, XRP was trading around $1.39, having lost nearly 6% over the week. Despite the correction, the technical outlook remains relatively positive: the asset’s price is positioned above both the 50-day and 200-day simple moving averages.
The 14-day Relative Strength Index (RSI) stands at 64.75. This indicates sustained significant buyer interest, although the indicator is approaching the 70 level, which is generally regarded as the boundary of the overbought territory.
In the opinion of the PSM editorial team, the most critical factor for XRP in the near future will be maintaining the $1.35–$1.38 range. If this level holds, the market might retest the $1.60–$1.86 zones. Conversely, a breach of support would increase the risk of a deeper correction, making the current situation sensitive to shifts in investor sentiment.
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Source: Finbold.