XRP is back in the spotlight as the current price structure is seen to resemble the market situation in 2022.
At 10:30 this morning, XRP opened at $1.8957 and is down 0.07% since it opened early Wednesday in Asian trading.
Glassnode data shows that new investors are now accumulating XRP at lower prices than buyers 6 to 12 months ago, putting pressure on long-term holders but with no signs of a massive panic.
Quiet buying is still taking place, indicating that the market remains balanced despite the price moving sideways.
From a technical perspective, EGRAG CRYPTO analysts said XRP is in a clear range with resistance at $3.40–$3.60 and critical support around $1.85–$1.95.
A temporary dip below $1.85 is still considered normal, but a weekly close below that level could trigger a larger correction.
Meanwhile, analyst Dom warned that the 30% rally earlier in the month occurred without strong liquidity support.
The price, which has tested $1.80 three times, is seen as a last-ditch attempt to establish a price floor.
A break above $2.05 is needed to re-establish XRP’s momentum.
In conclusion, XRP is now in a critical zone and its further movement depends entirely on the price’s ability to defend the $1.85 support.
