- The XRP currently stands at or around $2.86 and is in a 3.7% loss, which is in line with an average 61.8% Fibonacci pullback following its recent surge.
- The $2.85 support is stable, and the market is still limited to short-term upside gains and its resistance is at $2.99.
- RSI is close to 38.2 and the volume is lower indicating that there is a controlled retest stage since volatility is contained.
XRP (XRP) resumed its short-term downward trend losing 3.7% in the last 24-hours to trade at approximately $2.86. The pullback takes the token to just under the 61.8% Fibonacci retracement of the previous upward wave which is a level that is commonly considered to be a critical point of correction. The action follows the previous rally of the asset into the territory of the 3.10 zone that stuck at the resistance.
Market data shows that XRP’s correction remains orderly within the broader structure. The asset has so far respected its support level at $2.85, while resistance remains defined near $2.99. The price action indicates that current market behavior aligns with typical retracement depth following a completed impulse wave.
Technical Indicators Suggest Controlled Retest Phase
The recent drop in XRP on the 4-hour chart is the continuation of a 5-wave move that ended, and now, the trading is in the mid-range support. The Fibonacci retracement grid shows the fact that the 61.8% level has been historically a significant price stabilization area. The current RSI of approximately $38.2 indicates that the short-term momentum has calmed down but is not overshot yet.
Volume data also shows moderate involvement as compared to the previous rally phase. This decline indicates risk-averse market activity as opposed to intense sales. The current volatility that has now been in the lower phase may give the traders a better picture of whether the current levels will support price building.
The contained movement is justified by the narrow day trading range of 24 hours between $2.82 and $2.94 as the market digests the volatility experienced in the recent past. It is worth noting that every retest of the existing support band has attracted minimal follow through by the sellers which points to a balance between buying and selling activity in the near future.
XRP Holds Steady as Market Awaits Directional Break from Narrow Range
The level of resistance of $2.99 is a short-term pivot point, which may determine the next direction of XRP. The presence of a longer-term push beyond this level could refreeze the prospect of making a move back to the upper resistance zone that is close to the value of $3.00 that has limited gains in the past.
On the other hand, the support level of $2.85 and above will be of critical importance to the existing structural pattern. Any decline below that would move the focus to the next Fibonacci zone which is in the range up to $2.78 whereby more demand might arise. The current arrangement implies an indicator of rebalancing as the market gauges the prospects of further directional growth.
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