XRP Backtests $2.03 Support, Faces $1.65 Correction Risk
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
- Key Support Testing: XRP is backtesting the macro 0.5 Fibonacci support at $2.03, and a successful bounce could potentially drive the price towards $2.26, enhancing short-term market confidence.
- Resistance Challenge: After facing rejection at the macro 0.382 resistance at $2.41, XRP's price decline indicates a lack of sustained upward momentum, which could lead to a deeper correction.
- Historical Pattern Comparison: Current market dynamics align with historical correction patterns, and failure to reclaim $2.41 may intensify downward pressure towards $1.65, necessitating cautious investor strategies.
- Long-Term Fundamental Support: Despite short-term volatility, XRP's foundational role in the Ripple network continues to be strong, facilitating fast and low-cost cross-border payments, which attracts institutional interest.
About the author
Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.
