Key levels to watch this week

The cryptocurrency market still holds the dealers on the edge, and XRP is no exception. Let’s separate what happens to the XRP price of action and an important level of support and resistance to viewing.

XRP bounces off the key zone of support

On the daily chart, XRP recently bounced from the key support area between $ 2.10 and $ 2,15. This zone is marked as an important level, and for now the price is stable above that range.

If the XRP falls below this support, the next levels for viewing would be about $ 2.05 and $ 2.00. A fall below $ 2.00 could signal a higher decline in the coming days or weeks.

Sample inverse heads and shoulders?

Technically speaking, XRP may form a reverse head and shoulder pattern in the daily time frame. This is often perceived as a bull’s setting.

In order to confirm this sample, the XRP must bounce more in the coming days and break through the resistance zone of gold pocket between $ 2.56 and $ 2,62. A confirmed breakthrough over $ 2.62 could open the door with a strong rally toward a new top maximum.

However, for now, this form is just a possibility – has not yet been confirmed.

Areas of resistance that could slow down the progress of the XRP

Before XRP reaches the resistance of a gold pocket, it will face other challenges. The price will need to clean the resistance level of about $ 2.33 to $ 2.34, then again close to $ 2.43 to $ 2.44. Another large barrier is $ 2.48, which has been a key swing level in the past.

These areas could lead to short -term withdrawal or breaks while traders take profit and reconsider the market situation.

A reaction to the market: a bounce in progress

In a shorter term, the XRP shows a smaller bounce, which is often referred to in technical analysis by the wave of bounces. This small upward shift occurred after the price tested for about $ 2.07 to $ 2.08. Although the price has not completely hit an expected $ 2.06 mark, the reaction suggests that merchants are still active around these levels.