XRP price rejects this supply area to trigger a crash, this is the next target
XRP prices are now working to regain momentum after the $2.2 rejection that began the weekend. This is especially difficult given Altcoin has seen rejection from major supply zones, which has hit the bullish momentum. This rejection is not a good bode for cryptocurrencies, and from here it is likely to suffer further bearishness before the Bulls can withdraw.
Turning bearish in supply zone
Frank, a crypto analyst on Tradingview’s website, revealed the supply area where XRP prices were denied. The supply area is $2.27 and the Bears price starts here at less than $2.2. However, this singular rejection in this area is not the only reason to attract attention.
As analysts pointed out, there are also duplicate rejections that now form lower high settings in the distribution. “This visible range of Luxalgo visible marks an obvious area of institutional interest and possible allocation,” the post reads. In this case, it suggests that XRP prices still have a long way to go.
Some of the main things that crypto analysts point out include the fact that in addition to the rejection candles that have formed on the supply area, there are lower upper levels that indicate that the bear is gaining control. Additionally, with different important news events expected in the United States from May 5 to 9, XRP prices will be more volatile as the broader crypto market for XRP prices begins to respond.
XRP price target
As bearish headwinds dominate XRP prices, crypto analysts have put forward many goals. If Altcoin loses $2 in support levels, the first major target is $1.95. This should be a key level of bounce, or if the bear continues to dominate, it can be used as a bounce.
Below this support level, the next demand area. These are at $1.60 and $1.69, meaning that breaks below $1.95 are captured on this level. This is due to previous reversals where analysts see a lot of nodes.
However, the Bulls still have a chance to turn the trend again. The most important thing is to push the XRP price back above the supply zone, which triggered the rejection first at $2.27. As crypto analysts explain, the breakout here will be a confirmation of upward continuation, especially when the volume begins to peak and momentum changes.
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