XRP Price Analysis: Approaching $2.00 Support Amidst Increasing Bearish Momentum
The XRP price is currently heading towards a crucial retest of the high-timeframe support at $2.00, following a sharp decline from the resistance level at $2.72. Despite the recent bearish momentum, signs of demand are beginning to appear near this psychological level, raising questions about whether a bottom could form in the near future. According to market analysis, XRP is testing high-timeframe support at $2.00 after an impulsive correction, and holding this level could provide a base for recovery.
A break below $2.00 would confirm the continuation of the bearish structure. The key technical points about XRP price include a main support at $2.00, which is a psychological and high timeframe support area, and a resistance to observation at $2.72, which marks the previous range high. The market structure is characterized by downward momentum moving into the potential accumulation area.
XRPUSDT (1D) Chart Source: TradingView
Technical Analysis and Market Structure
Since breaking the $2.72 resistance level, XRP witnessed an impulsive downward rotation that pushed the price towards the HTF support at $2.00. This zone now represents a critical area for buyers to intervene and defend the structure. So far, two consecutive candle closes have held above this level, indicating local demand despite the broader bearish pressure. The $2.00 level also has psychological significance and serves as a potential base for accumulation.
As long as the price continues to close above this level, the likelihood of a reversal or range rotation back towards $2.72 remains. If this scenario occurs, XRP could establish an intermediate consolidation pattern that could ultimately lead to a breakout rally. However, the lack of bullish volume inflows continues to weigh on sentiment, making the next daily closes crucial for confirmation.
Upcoming Price Development and Potential Outcomes
In the short term, XRP needs to defend the $2.00 level to maintain the chance of a reversal. A sustained close below this level would invalidate the current accumulation thesis and reveal deeper downside targets. Conversely, holding the $2.00 region could mark the start of a stabilization phase and eventually trigger a rally back towards $2.72, the next key upside target.
For a more detailed analysis and the latest updates on XRP price, visit https://crypto.news/xrp-price-eyes-2-dollar-retest-downturn-bottom-close/
