Ripple's XRP token pulled back following a rise to $3.65, breaking its 2018 high. Analysts are monitoring key support levels, including the $2.80 range, as traders navigate the market's volatility.
Analysts watch $2.80 support level closely as key VWAP zones offer potential downside cushion. Ripple reached a fresh peak of $3.65 last week, breaking above its 2018 high. The rally drew attention across the market, but prices have since pulled back to around $3.
09.remains down about 14% for the week. According to analyst Dom, this retracement cleared out nearly $1.3 billion in open interest, about 30% of the total. The move is being seen as a typical leverage reset after a sharp run-up. The overall market saw a healthy flushout to wipe some of the leverage that built up over the last 2 weeksConsequently, the drop brought XRP back to test a vital zone near $3.00. This area had previously acted as resistance and now appears to be a support line. Volume around this level remains thick, suggesting strong buyer activity. Dom noted that the 1-month VWAP is holding near $2.86, while the 3-month VWAP sits lower at $2.57. Both levels can be supportive in case the price continues to slide down. Currently, traders have the $2.80 range as the critical closing level, which, should it be broken, could shift the short-term trend.On the daily timeframe, both XRP/USD and XRP/BTC printed Dragonfly Doji candles. The pattern is typical of reversals or precedes new moves. Analyst CryptoWZRDHe’s eyeing a potential push back to $3.30, then $3.65, and possibly $4.60 if resistance levels break. Lower timeframes are also being tracked for short-term trades, with $3.18 as the level to watch for a breakout toward $3.40.to the recent volatility. Around 75 million XRP was sold in a short span, overwhelming the buy side and sending the price down roughly 15%. Meanwhile, the move triggered around $90 million in liquidations of long positions. With volume now lower and price hovering near key support, the next few days could determine whether buyers step back in or the trend weakens below $2.80.One Weekly Email Can Change Your Crypto Life.Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
Ripple XRP Cryptocurrency Support Levels Volatility
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