XRP (XRP) price has recovered from its low of $1.94 reached on Feb. 28, but it’s still trading below a key resistance zone. Will XRP’s price drop further in the coming days?
XRP/USD daily chart. Source: Cointelegraph/TradingView
XRP price must hold above $2.00
Today’s drop in XRP price is part of a correction that began on March 3 that saw the relative strength index (RSI) fall sharply following XRP’s drop from $3.00.
Key levels to watch:
XRP bulls are focused on defending the psychological support at $2.00.
This level has not been broken since Dec. 1.
The RSI is below the middle line at 42, suggesting that the market conditions still favor the downside.
XRP could extend the decline to the recent range low at $1.76 (formed on Feb. 3) and the support level at $1.61, where the 200-day SMA currently sits.
XRP/USD daily