$XRP XRP is currently under downward pressure after an initial decline from the upper range.
At the current time (near $1.76) the market has begun to attempt stabilization after the most recent downturn.
Support for XRP will exist at the lower end of the 1.71-1.76 range.
Demand was seen in this same range previously; therefore it is currently being tested by supply.
So long as XRP trades above this support, there is still a possibility of a short term reversal.
Initial evidence of a potential recovery will be a breakout above 1.82.
Improving momentum may allow XRP to reach the next resistance zones near $1.88 and $1.95.
Downward pressure will continue if sellers can reject attempts to trade above $1.82.
A decisive break through the lower end of the 1.71-1.76 support zone, would indicate further weakness in the underlying structure and potentially push price down to $1.65.
Overall, XRP is currently in a corrective phase following a major rejection.
Therefore, due to high volatility, patience and confirmation are required.
This is my own opinion of the market, supported by price action and significant levels.
At the current time (near $1.76) the market has begun to attempt stabilization after the most recent downturn.
Support for XRP will exist at the lower end of the 1.71-1.76 range.
Demand was seen in this same range previously; therefore it is currently being tested by supply.
So long as XRP trades above this support, there is still a possibility of a short term reversal.
Initial evidence of a potential recovery will be a breakout above 1.82.
Improving momentum may allow XRP to reach the next resistance zones near $1.88 and $1.95.
Downward pressure will continue if sellers can reject attempts to trade above $1.82.
A decisive break through the lower end of the 1.71-1.76 support zone, would indicate further weakness in the underlying structure and potentially push price down to $1.65.
Overall, XRP is currently in a corrective phase following a major rejection.
Therefore, due to high volatility, patience and confirmation are required.
This is my own opinion of the market, supported by price action and significant levels.
