Peter Smith
⬤ XRP continues to hover around a clearly defined horizontal support zone near $1.89. Recent candles show the price compressing tightly against this level after a broader decline from earlier highs this year. This consolidation pattern has left the market in a waiting game, with price action stuck just above the critical support line.
⬤ The chart illustrates two possible paths forward: either a rebound upward toward the $2.20 to $2.40 range, or a breakdown below support that could open the door to lower price zones. This support band plays a pivotal role in XRP's price structure, serving as the main technical reference point for traders right now.
⬤ Historically, XRP has reacted strongly when trading near this zone, with past touches triggering meaningful reversals. But current price action shows limited momentum, keeping XRP range-bound and signaling caution among market participants. Buyers haven't yet mounted a convincing defense of the level.
⬤ This moment matters because a confirmed move in either direction could define the medium-term trend. Holding above support may stabilize sentiment around XRP, while failure to do so could signal weakening demand and shift the narrative surrounding the asset.
Peter Smith
