XRP Technical Analysis – March 6
In my previous analysis, I indicated that XRP was at a key resistance level and could potentially seek lower support levels. As anticipated, it broke the $2.20 support and dropped to $1.90 before gradually climbing back to $2.60, only to face an instant rejection at that level.
During the move up to $2.60, I noticed that the trading range and the higher lows were becoming progressively tighter. What I mean by this is that in my last post, I observed roughly a $0.10 price difference in support and resistance levels on lower timeframes (30M, 15M, and below). However, this time, the price seems to be moving more aggressively as it approaches $2.60 and $3.
In my opinion, XRP is likely to create a lower high as it approaches $2.60, and I expect a potential breakout from this range. If it doesn’t break upward, I’ll be watching for support in the $2.30–$2.40 range, while hoping it holds above $2.20. That level appears significant as XRP looks to be breaking the downtrend, with horizontal and vertical patterns forming lower highs and short-term support levels. The price has been bouncing off these supports, gradually creating new, higher support zones.
I hope this analysis is clear and helpful. This is my second time posting. I’ve been taking profits and re-entering at lower prices, carefully trading within these ranges. XRP often makes moves that look like it’s about to skyrocket, so it’s essential to learn and recognize these patterns.
In my previous analysis, I indicated that XRP was at a key resistance level and could potentially seek lower support levels. As anticipated, it broke the $2.20 support and dropped to $1.90 before gradually climbing back to $2.60, only to face an instant rejection at that level.
During the move up to $2.60, I noticed that the trading range and the higher lows were becoming progressively tighter. What I mean by this is that in my last post, I observed roughly a $0.10 price difference in support and resistance levels on lower timeframes (30M, 15M, and below). However, this time, the price seems to be moving more aggressively as it approaches $2.60 and $3.
In my opinion, XRP is likely to create a lower high as it approaches $2.60, and I expect a potential breakout from this range. If it doesn’t break upward, I’ll be watching for support in the $2.30–$2.40 range, while hoping it holds above $2.20. That level appears significant as XRP looks to be breaking the downtrend, with horizontal and vertical patterns forming lower highs and short-term support levels. The price has been bouncing off these supports, gradually creating new, higher support zones.
I hope this analysis is clear and helpful. This is my second time posting. I’ve been taking profits and re-entering at lower prices, carefully trading within these ranges. XRP often makes moves that look like it’s about to skyrocket, so it’s essential to learn and recognize these patterns.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.