XRP is experiencing a significant price retracement after being rejected at $1.55. So far in May, the altcoin’s price movement has been unstable, with each gain followed by a prominent dip, yet it has formed an ascending trendline. XRP finds itself in a similar situation as prices have corrected by over 7% in the past three days. Notably, the market analysis page, MCO Global, has shared some insights on this situation, discussing the altcoin’s potential to sustain its trendline or be exposed to major downside targets.
XRP Recovery Hinges On Pivotal $1.40 SupportTherefore, as long as the price stays above $1.40, MCO Global analysts predict a high likelihood of another surge towards $1.55-$1.58. In a more bullish scenario, they project that XRP could break above this resistance zone and extend its rally to $1.67, representing a potential 16.7% gain from current levels. On the other hand, a break below $1.40 would force an immediate drop to $1.37. If this price floor fails to hold, XRP traders could anticipate a decline to another key support at $1.30, which aligns with the lower trendline of a forming symmetrical triangle.
XRP Market OverviewAt the time of writing, XRP trades at $1.43, reflecting a 3.68% decline in the last 24 hours. Meanwhile, daily trading volume is down 42.36% to $2.38 billion. However, the altcoin shows a slight 0.98% gain on its monthly chart, indicating that some new entrants remain in profit.
According to the MCO Global analysts, the present XRP market structure is “highly corrective and unstable.” Amid this prevailing uncertainty, holding above the $1.40 support level remains crucial to sustaining any bullish momentum. With a market cap of $88 billion, XRP remains the fifth-largest cryptocurrency.
