XRP Price Targets $2.00 as Market Weakness Grows

XRP price targets $2 as weakness grows

As XRP faces increasing selling pressure following a significant rejection from the $2.72 resistance level, the price is trending lower towards the $2 support. This shift comes as momentum dips below the crucial 200 EMA (Exponential Moving Average).

XRP has dropped by 6.67%, entering a corrective phase after struggling to surpass the $2.72 resistance zone, a key technical area supported by the 200 EMA. This rejection has altered market sentiment to bearish, with the price now trending towards the $2 support, a level that has not been revisited since the last major rally.

Currently, XRP appears set to fluctuate within a defined range between $2.00 and $2.72. The market seems to be consolidating, absorbing recent volatility before making its next move.

Key Technical Insights on XRP Price

XRP price eyes $2.00 as rejection confirms growing weakness - 1
XRPUSDT (1D) Chart, Source: TradingView

From a technical standpoint, the resistance at $2.72 is a pivotal zone for XRP. The intersection of this level with the 200 EMA has established it as a significant supply area, and the recent rejection indicates that sellers remain dominant in this region.

Following this rejection, XRP has fallen below the 200 EMA, raising the likelihood of further movements toward the $2.00 support zone. This support level is crucial as it was the foundation of the last substantial rally.

Despite the bearish sentiment, there could be a chance for price stabilization if XRP holds at or above the $2 mark. This could lead to a period of sideways movement between $2.00 and $2.72, allowing momentum to reset before the next major movement.

Overall, the short-term structure for XRP leans bearish, but it appears neutral on a mid-term basis. The inability to reclaim resistance and the weakness shown below the 200 EMA point toward potential further declines unless strong buying interest returns around the $2 level.

Nevertheless, if buyers can defend the $2 mark and establish a higher low, XRP may begin developing an accumulation range. A breakout above $2.72 could then indicate a resurgence of bullish momentum.

Outlook for Upcoming Price Action

In the short term, XRP's price movement will heavily depend on its reaction to the $2.00 support. A decisive close below this level could lead to a sharper decline, while consistent closes above this level would suggest a path toward consolidation.

Until the 200 EMA is reclaimed, caution remains the prevailing sentiment amid ongoing potential weakness.

Key Takeaways:

XRP is facing selling pressure after failing to break the $2.72 resistance level.
The price is trending toward the $2 support, with momentum weakening below the 200 EMA.
Potential range development between $2.00 and $2.72 may occur if XRP stabilizes.
The market sentiment currently leans bearish in the short term but neutral in the mid term.
Future price action will depend on the behavior around the $2.00 support level.