XRP trades at $1.06 and defends its $0.98-$0.99 support zone, according to CoinCodex data and market researcher More Crypto Online. The broader market structure remains bearish unless bulls reclaim key resistance levels and shift momentum decisively. More Crypto Online's Elliott Wave analysis indicates the bearish structure stays intact unless XRP breaks convincingly above $1.16, which would provide the first technical confirmation that a larger Wave 2 recovery is underway. The analysis framework relies on established technical support and resistance zones to assess momentum shifts in the cryptocurrency market.
XRP Defends $0.98 Support Zone at $1.06 Price Level
CoinCodex data shows XRP trading at $1.06, keeping it above the crucial $0.98-$0.99 support zone. Buyers have prevented a sharper decline, but More Crypto Online notes that holding support alone is not enough to confirm a sustainable trend reversal. The market researcher's primary outlook, based on Elliott Wave analysis, still favors additional downside. The $0.98-$0.99 range remains the first major demand zone.
More Crypto Online Identifies $1.16 Resistance and $1.27-$1.42 Supply Zone
More Crypto Online states that XRP must break convincingly above $1.16 to provide the first technical confirmation that a larger Wave 2 recovery is underway, signaling renewed bullish momentum. The market researcher identifies stronger resistance between $1.27 and $1.42. This range is a critical supply zone where sellers could re-enter the market, according to the analysis. The researcher notes that failure to overcome this barrier would reinforce the view that any rally is merely a temporary relief bounce rather than the beginning of a sustained uptrend.
Elliott Wave Analysis Points to $0.74 Support Below Current Levels
More Crypto Online identifies significant downside risks. A decisive break below the $0.98-$0.99 support zone could trigger another wave of selling, exposing XRP to a decline toward $0.74, the next major support identified by the market researcher. This level could mark a deeper corrective phase before the market has an opportunity to establish a stronger foundation, according to the analysis. More Crypto Online notes that XRP remains at a technical crossroads because bulls have successfully defended the first line of support but have yet to generate the buying pressure needed to invalidate the bearish outlook. The researcher mentions XRP's historical tendency to perform well in July, a month that has often produced some of its strongest gains, offering bulls a potential tailwind.
FAQ
What is XRP's current trading price according to CoinCodex?
CoinCodex data shows XRP trading at $1.06, keeping it above the crucial $0.98-$0.99 support zone. More Crypto Online notes that while buyers have prevented a sharper decline, holding support alone is not enough to confirm a sustainable trend reversal.
What resistance level must XRP reclaim according to More Crypto Online's analysis?
More Crypto Online states that XRP must break convincingly above $1.16 to provide the first technical confirmation that a larger Wave 2 recovery is underway. The market researcher's Elliott Wave analysis indicates the bearish structure stays intact unless this level is reclaimed, which would signal renewed bullish momentum.
What support level does More Crypto Online identify if XRP breaks below current zones?
More Crypto Online identifies $0.74 as the next major support level if XRP experiences a decisive break below the $0.98-$0.99 support zone. The market researcher notes this could mark a deeper corrective phase before the market has an opportunity to establish a stronger foundation.
