XRP Price Is One Step From a Breakdown — Or a Cycle Bottom?
XRP price shows weakness, but a critical support level at $2.154 must hold to prevent a breakdown or confirm a cycle bottom.Summary
The XRP price has dropped nearly 9% this week, exhibiting weakness after failing to sustain a rebound. Technical analysis shows a hidden bearish divergence between the price (lower high) and the Relative Strength Index (RSI) (higher high) between October 13 and November 10, explaining the recent decline.
Despite this, the critical support zone around $2.154 remains intact. This level is reinforced by a significant supply cluster of 1.359 billion tokens between $2.161 and $2.174, making it the strongest near-term support. If this level holds, the bearish divergence may be considered played out, allowing for a recovery attempt.
Furthermore, investor sentiment appears to be resetting, as XRP's Net Unrealized Profit and Loss (NUPL) reached a yearly low of 0.32 on November 16, similar to a previous low that preceded a 96% rally. Key price levels to watch are $2.154 for support defense; a loss opens the door to $2.065 and lower. A successful defense targets initial resistance at $2.394, with a break above $2.696 signaling a stronger recovery.
(Source：BeInCrypto)