XRP Price Outlook: $2.00 Under Pressure as $120bn Token Tests Key Support
XRP trades near $2.00 with a $120bn market cap as technical pressure builds. Key support, resistance, and momentum levels to watch this week.
Quick overview
- XRP is currently priced at $2.00, experiencing a 1.5% decline in the last 24 hours due to selling pressure.
- Despite the pullback, XRP remains the fifth largest cryptocurrency by market cap at $121 billion, with a daily trading volume of $1.24 billion.
- Technical indicators show XRP struggling below key moving averages, suggesting a period of consolidation rather than panic selling.
- Support levels to watch are between $1.95 and $1.97, while resistance must be cleared at $2.05 and $2.15 for any bullish momentum.
The XRP price today is $2.00, down about 1.5% over the last 24 hours. It’s been held back by selling pressure, keeping the token hovering around a key psychological benchmark.
Despite the slight pullback, XRP is still number 5 by market cap at a whopping $121 billion, with daily trading volume of about $1.24 billion.
All this liquidity is a clear indication that investors are still on board, even as short-term momentum weakens.
XRP Price Action Slows Near $2.00
On the 4-hour chart, XRP is really struggling to get its mojo back after slipping below a trend line that’s been following it for ages. The recent price action just isn’t looking that great – those real bodies on candlesticks are getting much smaller, and the upper wicks are getting much longer, it’s a dead giveaway that buyers are hesitant to buy at higher prices.
Usually, this sort of price action points to a period of consolidation rather than a panic sell-off.
Things aren’t looking great for XRP from a technical perspective either – it’s currently trading below the 50-period EMA, which is hovering around $2.05, and the 100-period EMA, which is around $2.16, as long as price remains below these moving averages, any rallies are likely to get sold into by the short-term traders.
XRP/USD Support and Resistance Levels to Watch
The broader picture is that the price action is being driven by a downward-sloping channel that started in early November. Within that channel, there are a few levels that are worth paying attention to:
- Right now, support is sitting at $1.97 to $1.95.
- A bit lower and you’ll find $1.88 which is a previous swing low – a strong support level.
- And then there is the downside risk – if XRP breaks below $1.88 then $1.82 is looking like a real possibility.
But on the upside, before sentiment can actually start to pick up, XRP needs to clear a lot of resistance first:
- First of all, it’s got the 50 EMA, which is sitting at $2.05.
- Then there’s $2.15, where channel resistance and previous support levels all intersect – that’s one high level to clear.
These are the areas that are likely to define short-term trading behaviour.
XRP/USD Momentum Signals Stay Cautious
Momentum indicators are all over the place, but overall, they suggest the market is still in a neutral-to-bearish state. The RSI is at 45, which is weak, but not quite oversold enough to give much room for further downside. But at the same time, it does help explain why selling has been pretty orderly rather than panicked.
Unless XRP can do something to reclaim that descending trendline and actually close above $2.15 with some conviction, any bounces are likely to be just corrections.
As it stands, the market looks like it’s all about defending $2.00 – this level will be the real battleground in the days ahead.
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