XRP Price Braces for a “Death” Punch as Bulls and Bears Fight for Control at $2.06
XRP price hit a $2.06 low after a bearish pattern breakdown, but increasing exchange outflows suggest buyers are accumulating near this support level.Summary
The XRP price recently corrected nearly 24.5% to reach $2.06, fulfilling the target projection from a head and shoulders bearish breakdown. This low point is now acting as a strong base as on-chain data from Glassnode shows a sharp increase in XRP being withdrawn from exchanges, indicating accumulation by larger holders.
However, technical risks persist. Derivatives data shows significant short leverage between $2.31 and $2.63, and aggressive long positions are vulnerable near $2.08. Furthermore, on the daily chart, the 50-day EMA is threatening to cross below the 200-day EMA, forming a bearish "death cross." If the $2.06 support breaks, XRP could retest $1.91.
Analysts view the current situation as consolidation within a larger uptrend, noting that a decisive close above $2.55–$2.70 could signal the end of the correction and potentially lead to $3.20–$3.40, but first, the battle at $2.06 must be won.
(Source：BeInCrypto)