XRP slips towards key technical support zone
XRP is edging closer to a crucial technical support level, raising concerns of a deeper correction in the coming sessions. With bearish momentum building and traders watching chart signals closely, the outcome at this zone could determine whether the token stabilizes or extends its recent slide.
XRP slips towards support
With interest shifting to emerging crypto projects promising stronger utility or explosive Return on Investment (ROI) potential, XRP is losing appeal to alternatives like "XRP 2.0" contenders such as Remittix - appealing for its real-world payments infrastructure - and new meme-layer projects like LayerBrett, which are drawing speculative funds away.
XRP bearish case:
XRP slips towards its mid-to-late August lows at $2.8237-to-$2.7824, a fall through which would engage the early August lows at $2.7284.
Failure there would probably provoke a sell-off towards the May peak at $2.6542.
XRP bullish case:
As long as the $2.8237-to-$2.7824 support area holds on a daily chart closing basis, an attempt to break through the August downtrend line at $3.0196 may be made. If successful, the 55-day simple moving average (SMA) at $3.0933 and the 24 August high at $3.1263 may be revisited.
A rise and daily chart close above $3.1263 could open the way for the late July-to-August highs at $3.3306-to-$3.3826 to be reached.
XRP daily candlestick chart
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