As XRP and the crypto market enter another correctional phase, a notable market analyst has shared the next major support for XRP.
XRP joined a broader market downturn on Tuesday, correcting more than 6% from its intraday high of $2.46. Although the native token XRPL pushed to higher prices during today’s Asian trading session, it has given up most of its gains as of this writing.
Meanwhile, notable market analyst Nebraskangooner suggested the likely support in which XRP would find solace. tweethe claimed that the fourth-largest crypto asset could correct by another 12% to reach a crucial level of demand.
Analyst Says XRP Comeback Consolidates After False Exit
In his commentary, Nebraskangooner said that XRP was once again consolidating in its downward price trend. He insinuated that the token simulated a breakout of the structure after the daily close on January 3.
An attached table shows that XRP consolidated above the tip of the bull flag for three consecutive days before yesterday’s sharp decline. With the dumping, the market speculator said that XRP will aim for a correction of over 12% from the $2 support zone, now that it is back in the range.
Notably, the massive wall of demand around the $2 price level has repeatedly served as crucial support for XRP. As a reminder, the coin bounced out of the region on December 10 and 20 after a real market upheaval.
What’s next for XRP?
Meanwhile, analyst Egrag Crypto had already mentioned that XRP would continue to hover within its micro levels until a pause in price discovery. The analyst insisted that “it’s all noise” between $2.00 and $2.65.
Although the asset attempted to reach the upper band, its foray faltered amid a broader market correction. As a reminder, XRP hit a monthly high of $2.50 four days ago, but has since corrected more than 7%.
Nevertheless, a to break above the $2.65 range, XRP will climb to $3.55 and $3.77. However, if it breaks below the lower range, the asset could further correct to $1.64 and $1.37.
Meanwhile, XRP is trading at $2.30, up 1.35% since today.
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