- XRP price remains above important support near $1.35
- Analysts see wedge compression instead of a confirmed breakdown
- Resistance levels near $1.40 and $1.47 remain important zones
XRP price remains under close watch as traders debate whether the recent move represents weakness or preparation for a larger breakout. XRP traded at $1.36 at press time, down 0.53% over the past 24 hours. While some market participants continue expecting downside pressure, chart analysts argue that the current structure still supports a broader recovery scenario if important support levels remain intact.
XRP Price Holds Wedge Structure Near Key Support Zone
The latest XRP price action attracted attention after analyst Evan Clegg pointed to a tightening wedge formation on the chart. According to the analysis, XRP recently approached the apex of the pattern near the $1.33 area.
The analyst also noted that the Relative Strength Index remained near 37. Historically, this level has occasionally aligned with periods where buying interest increased rather than broad market panic.
Projected upside levels highlighted in the analysis included targets near $1.60 and then $1.94 if momentum improves. Support around $1.13 was identified as a deeper structural level that has not yet been challenged.
The current XRP price structure suggests compression rather than a confirmed breakdown. Tight price ranges often attract attention because markets can generate stronger directional movement after prolonged periods of consolidation.
XRP Price Faces Resistance Despite Improving Market Sentiment
Despite the optimistic chart interpretation, broader indicators still suggest caution. The XRP price continues to trade below key resistance levels that may slow upside progress.
The 50-day Exponential Moving Average remains near $1.40, while the Bollinger Bands midpoint sits around $1.41. Additional resistance appears near the 100-day EMA at $1.47 and the 200-day EMA near $1.68.
Momentum indicators also remain mixed. The Relative Strength Index on the daily timeframe remains below 50, despite a recent recovery from lows. Meanwhile, the MACD histogram continues holding in negative territory.
The Ripple price currently holds above immediate support around $1.35. A sustained move below that zone could bring the lower Bollinger Band near $1.32 into focus.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
