The cryptocurrency XRP is currently facing significant market pressures, with analysts observing critical price levels that could dictate its near-term future. Following a broader crypto market downturn, XRP has relinquished most of its early-year gains, prompting close examination from experts.
XRP at a Critical Juncture: The $1.80 Triple Tap
Crypto analyst Dom highlights a "triple tap" in the $1.80 price zone for XRP, signaling what he believes is the last possible formation of a bottoming structure. This critical level suggests that further downward movement could trigger a significant breakdown for the altcoin. For bulls to regain control and push XRP into a "safe zone," a rally back to $2.05 is deemed essential. Dom previously characterized an earlier 30% rally as weak due to a lack of strong buyer support and low liquidity. On-chain analytics from Glassnode echo these concerns, drawing parallels between XRP's current market structure and its performance in February 2022. The data indicates that short-term investors are now accumulating below the cost basis of longer-term holders, intensifying psychological pressure on top buyers.
Structure Holds Despite Weak Momentum
Despite the bearish sentiment, analyst Egrag Crypto maintains that XRP's underlying price structure remains largely intact. He identifies upper resistance between $3.40 and $3.60, with current price action hovering near the lower support range of $1.85 to $1.95. The downward slope of the 21-day Exponential Moving Average (EMA) acting as resistance points to weak short-term momentum. Egrag Crypto anticipates a liquidity sweep rather than an outright breakdown, explaining that temporary dips below $1.85 are normal within a ranging market. However, a weekly close below this crucial level could indicate a structural failure and heighten cycle risk. Until such a decisive break occurs, Egrag Crypto remains bullish, asserting that XRP's structure is holding, not broken, and not in macro failure. As of writing, XRP is trading around $1.90, reflecting a over 3% decline in the past 24 hours.
