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XRP has declined by over 4% in the last 24 hours as the price faced rejection after failing to hit $3.50 amid a potential bear trap setup. The coin lost the crucial $3.40 support level as holders went for profit, and large buyers did not step in to stop the downward journey.
XRP price struggles after losing $3.40 support
Michaël van de Poppe, a top crypto analyst, has shared his insight into XRP’s price outlook and key price levels investors need to watch out for. He noted that with XRP unable to find support at the $3.40 level, bearish sentiment might set in.
Notably, he anticipated that the drop could see the asset crashing to the $2.50 region, where it has strong support. However, XRP has been able to slow down its downward plunge. The development, however, highlights how price movement could decline rapidly after losing its support level.
van de Poppe believes the asset is likely to face stiffer rejection at this level, which could impact the price outlook.
"Rejection at the resistance zone, indicating that we're likely going to be seeing some more downwards momentum," he wrote.
This aligns with an earlier U.Today report, which noted that XRP could have a very difficult journey in the $3 range. This was as a result of massive profit-taking, which occurred at around $3.60. The technical barrier set by this would require deliberate effort from ecosystem bulls to break.
Key XRP support levels for buyers to watch
Interestingly, van de Poppe hinted that he would wait until the price hits between $2.40 and $2.60 before he begins buying. He pegged his lower buy target at this level, while the upper breakout range will be when it hits $3.40 and finds stability.
As of press time, the XRP price was trading for $3.11, representing a 4.41% decline in the last 24 hours. Its intraday peak was $3.26 before plunging lower due to market dynamics and Bitcoin dominance.
However, trading volume remains in the green zone and up by 31.23% at $8.44 billion.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team