As the crypto market recovers slowly from the havoc wreaked by the ongoing trade wars between the US and its trading partners, a careful look at the XRP price chart on the daily time frame indicates that XRP continues to remain in a downtrend. However, according to CoinScribblers analysts, a bullish reversal could be on the horizon as XRP recently hit a major liquidity zone. Our analyst added that XRP must break past its previous major high to validate the bullish thesis.
Thus, the $2.8-$3.0 level has been highlighted as a key level due to the bearish order block around the region, and breaking past it will confirm XRP’s bullish shift. However, failure to break past this key level will see XRP free fall to a critical support level at $1.5, invalidating the bullish thesis. Meanwhile, in the short term, the XRP price has struggled to break past the $2.2 level.
Therefore, after carefully analyzing the XRP price chart in the shorter time frame, we believe a bearish move would see the XRP price retrace to a major support level around the $2-$2.03 region. Further, if the support holds, the bulls are expected to take charge and drive the XRP price upward. According to the asset tracker CoinGecko, the XRP price has settled at around $2.15, indicating a $2.9% dip in its value over the past 24 hours. Further, XRP has failed to reclaim its position as the 3rd largest cryptocurrency and has instead lingered around the fourth largest position in the crypto market.
