- Javon Marks sees a potential 2,900% rally for XRP, but doubts grow as it struggles to stay above the crucial $3.00 level.
- XRP is fighting to maintain support above $3.00, and a drop below $2.90 could lead to a deeper decline towards $2.12.
- Falling volume and increasing selling pressure are raising concerns, with XRP needing to reclaim $3.20 to avoid further losses.
Javon Marks opined and pointed out a new XRP reversal structure which resembles the one in 2017. In his view, such breakout will see XRP moving to target $99, from the current price, representing an incredible rally of more than 2,900 percent. However, using this optimistic point, the cryptocurrency is trading below the trend line, and people start to doubt the ability of the cryptocurrency to sustain the ongoing upward trend.
Key Support Levels for XRP
At the moment, XRP is trying to maintain a position above $3.00 which appears to be a crucial level. The coin is at $3.07 as it trends lower by 1.61% in the recent session and has only been meandering around in a tight range for several week. Sellers have emerged and expectation, into a failure pocket under $3.00 keep some people in fear that the price may drop soon. However, if this level is a false break, the dealers will focus on $2.90 as the area of support to hold in order to consolidate.
In the downside break, if the XRP breaches the $2.90 level of support, the next level of support is further downwards at $2.60 level of support. A deeper loss could take the price nearer to $2.12, near where lies 100EMA. However, if there is no good buying demand or buying pressure, XRP has more chances to decline sharply. If it goes below these levels, there is almost no barrier to protect the asset from declining further.
Source: TradingView
Weak Buying Pressure
The volume is still another factor that has added to the bearishness associated with coin. Although, for the value of RSI is above 60 revealing some form of buying interest, the volume is falling thus implying a fading demand. Token has not been able to overcome the $3.30 price level which has been very discouraging following constant attempts by traders. Concerning the asset, there is a growing selling pressure while the buying pressure is weak thus making the future of its movement less clear.
Therefore, XRP will needs to retest the $3.20 level to have a good chance of avoiding an even deeper pullback. A recovery above this level may signal a change in trend and could be enough to bring a rate of increase to the price. When price breaks below $3.00 level, this will put the price in a bearish area, and price will start declining as selling pressures dominate.
This is the scenario that the market is observing as XRP tests these important levels. This level of breakdown may result to a further deterioration of the price in the subsequent sessions to a low of $2.12. Thus, if coin will fail to rebound, it will further deepen the bearish narration, and bulls will find it hard to support such a decline.
XRP’s current price action should not only be a concern among the traders and investors. The direction of the cryptocurrency has now been in question and if it fails to stage a rebound it may enter for a deeper bear phase. The coming couple of days will define whether more investors will start chasing the price up or there is no way but down for XRP.
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