XRP, the digital asset developed by Ripple Labs, is approaching a pivotal support level after enduring several weeks of selling pressure. Cryptocurrency analyst XRP Update emphasized that the
XRP, the digital asset developed by Ripple Labs, is approaching a pivotal support level after enduring several weeks of selling pressure. Cryptocurrency analyst XRP Update emphasized that the price now trades just above a significant support area, prompting heightened attention from traders and investors.
At the time of analysis, XRP hovered around $1.27, staying marginally above the $1.25 threshold. XRP Update, a well-known market commentator, described this level as the strongest support visible on the daily chart extending from February to late October.
The chart features prominent horizontal levels at $1.6003, $1.4504, and $1.2539. These have served as key zones for both support and resistance during the coin’s volatile price moves over recent months.
According to the analyst, a daily close below $1.25 would raise the risk of a deeper correction, while a hold above it could serve as a potential base for a price recovery.
XRP is currently trading close to $1.27, just above the key horizontal support at $1.25. A sustained hold could establish a base for recovery, but a daily close below this support would increase downside risk.
XRP reached a peak near $2.40 in January before entering a prolonged downtrend. By late summer, the asset fell to the $1 mark, losing much of its earlier gains.
After the decline, XRP managed a sharp rebound, surging 50% in less than three days. However, selling resumed shortly thereafter, erasing much of that recovery throughout October. The asset has now surrendered most of its gains from the August rally.
The $1.45 mark, which previously acted as support, has turned into resistance and has not been reclaimed in current trading. Resistance also remains overhead at $1.60, positioned at the top of this year’s range.
XRP Update clarified that the fate of the current trend hinges on the $1.25 support holding on a daily closing basis. The analyst noted that this level provided critical support during the June-to-August pullback. If XRP closes above $1.25, a scenario for recovery remains in place, but a close below would undermine a key argument for bullish momentum.
The analyst views $1.25 as a decisive line: holding it could allow for stabilization and a potential rebound, while losing it would likely open the door to further losses.
If the $1.25 support survives, XRP would next need to overcome resistance at $1.4504 to shift market sentiment. Above, the $1.6003 level stands as the next major target, marking the upper boundary of this year’s trading range.
Level Role Status $1.2539 Immediate support Under pressure $1.4504 First resistance Not yet reclaimed $1.6003 Major resistance Untested since October peakXRP Update, known for monitoring technical price zones across major digital assets, continues to watch these crucial levels as traders look for direction. The analyst asserts that a bounce from $1.25 could reignite bullish activity, but a breakdown below this mark may trigger further declines.
Mini dictionary: Ripple Labs, a US-based technology company, created XRP as a digital payment protocol designed to enable fast and low-cost international money transfers.
The post XRP trades at $1.27 as analyst highlights critical $1.25 support zone appeared first on COINTURK NEWS.
