XRP Can Slump Down To $2, Ripple Price Analysis Unfolds!

XRP price was rising consecutively for 3 days at a stretch. But that’s changed suddenly. A few hours ago, Ripple got hit and this slight decline could lead to a major pitfall too. What’s more shocking is that there is an otherwise bullish vibe, considering the surrounding outlook.  

24 Hours Chart  

Source: Trading View

Technical analysis reveals a prominent wedge pattern which is increasing further. XRP is fluctuating, no doubt. However, sellers have to go through multiple support zones. Buyers have been finally successful in creating a genuine defense level.  

Meanwhile, the 100-day moving average is flagged at $2.3, the support range being $2. Also, the Fibonacci analysis shows that the prime support region for XRP is $1.6 to $1.9.  

The market will become bullish again when the two support levels collide.  

Short Term chart stats (4-hour analysis) 

Source: Trading View

A short-term analysis suggests that the $2.8 resistance level has been rejected. Now, there has been a slight downfall too.  

At the moment, what will help the coin is a crucial support range. Luckily, the range includes the wedge limit’s lower outline ($2.3). That means the XRP price won’t drop much lower in the short term.  

If the Support Breaks…… 

If the event breaks below a crucial juncture, the price can slump down more and maybe move towards a $2 price point. Chances are that there can be a prolonged liquidation due to breakout. But the bottom line is that Wedge’s lower standing is strong, and it will certainly help XRP on a short-term basis.