Cryptocurrency analysis firm MakroVision has shared its updated technical assessment of XRP's current market outlook.
The company noted that the ongoing selling pressure in the broader crypto market continues to affect XRP. According to the analysis, XRP's loss of critical support at $2.22 has accelerated the downward momentum.
MakroVision stated that in the short term, XRP has hit the 0.618-0.665 Fibonacci retracement “Golden Pocket” zone in the $1.87-$1.82 range, but the reaction from this area has been weak. It added that XRP needs to settle back above $1.96 for any upward movement to subside.
The next support area to monitor in case of further declines is the $1.76-$1.66 range. Analysts noted that unless $1.96 is broken, $2.22 and $2.48 are currently distant targets, suggesting the trend remains significantly negative in the medium term.
At the time of writing, the XRP price is trading at $1.92 and has lost approximately 1% of its value in the last 24 hours.
*This is not investment advice.
