During the Market Decline, What are the Important Support and Resistance Levels for Ripple (XRP)? Analysis Company Provided!

Crypto analysis firm MakroVision highlighted the recent strong performance of XRP by presenting its latest technical analysis, but also pointed out the key resistance levels that need to be broken for further upward momentum.

According to MakroVision, the price of XRP recently bounced from the support level of $2.65, which is aligned with the 0.5 Fibonacci retracement level. This recovery indicates strength in the market, but the red downward trend lines continue to be a major obstacle for a sustained breakout.

According to the analysis company, a clear break from the short-term downtrend is needed to confirm the continuation of the uptrend. A move above the declining red trend lines could trigger another strong upward wave.

The basic resistance levels for XRP are ranked as follows according to analysts:

• 3.06 dollars: A very important level reinforced by the red trend line. Breaking above this level could trigger a new bullish momentum.
• $3.39: The next main target. A break above this level could indicate a strong continuation of the uptrend.

However, the analysis company said this about the fundamental support level:

• 2.65 dollars: A critical support level. A confirmed break below this could lead to increased selling pressure.

At the time of writing this article, the price of XRP is trading at $2.85.