Cryptocurrency analysis firm MakroVision has published an updated assessment of XRP.
According to the company's report, despite recent selling pressure, XRP has managed to hold above $2.8. If this level holds, the price has the potential to rally towards $3.06 in the short term. While there is short-term liquidity in this area, a break above this level could see the rally extend to $3.37.
Conversely, downside risks are also noteworthy. A drop below the $2.65-$2.48 range is considered a breakout that could seriously weaken XRP's medium-term uptrend.
As a result, MakroVision believes that XRP is trading in a critical zone between the $2.8 support and $3.06 resistance levels in the short term. The analysis suggests that only a break above the $3.06 level could see the bulls regain some traction.
According to current data, the XRP price is trading at $2.89. The cryptocurrency, which has increased by 2.91% in the last 24 hours, has a market capitalization of $173.13 billion and a 24-hour trading volume of $4.92 billion.
*This is not investment advice.
