Market eyes $2.30 support zone after rejection at long-term trendline
The cryptocurrency XRP (XRP/USDT) faced notable selling pressure this week, falling by 6.68% to $2.77 after failing to sustain momentum above a critical long-term resistance trendline visible on the weekly chart. This technical rejection has once again shifted investor focus to major support levels around $2.30, a zone that has historically provided stability.
The chart highlights a clear ascending resistance line that XRP has repeatedly tested but struggled to break convincingly. The latest rejection around the $3.00 psychological barrier pushed the token lower, raising concerns of further downside if momentum weakens.
Below current levels, the green support zone between $2.30–$2.40 will be crucial. If this area fails, bears could target deeper supports near $1.90 and $1.50, marked by past consolidation ranges.
“This is a classic case of a market testing a multi-year resistance and facing rejection. Unless XRP reclaims $3.20 on strong volume, the risk leans toward a correction into lower support bands,” said BITX market strategist analyzing the weekly structure.
Trading volumes have remained significant, with the latest weekly candle reflecting over 828 million XRP in activity, suggesting heightened participation from both buyers and sellers. Analysts note that while long-term accumulation remains visible in the chart, the repeated rejection at resistance has shaken near-term bullish confidence.
According to BITX analysts, “XRP remains in a wide consolidation structure. Investors should watch for weekly closes—above $3.20 would be a breakout, while below $2.30 would tilt the market toward bearish control.”
The weekly rejection at resistance underscores the importance of upcoming sessions. A successful defense of the $2.30 support zone could restore bullish momentum and keep XRP within its consolidation range. However, sustained weakness risks triggering a move toward $1.90 or lower, where stronger demand could reappear.
For now, XRP’s long-term trajectory will depend on whether it can decisively break out of its multi-year resistance ceiling, a level the market has respected for several cycles.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.