XRP Support Breach Analysis

A recent analysis has identified a support breach in the hourly timeframe for XRP, highlighting its subsequent target following the breakdown.

XRP, the fourth-largest cryptocurrency by market cap, briefly broke below the $2.00 stronghold. The XRPL native token dropped below this price mark today, experiencing an over 10% drawdown in the past 24 hours.

Moreover, XRP has corrected 25% and 36% in the weekly and monthly timeframes, respectively, relinquishing all its 45% gains made in January.

Meanwhile, the sideways price trend saw it break below a price pattern. An analysis predicts XRP’s next target within the next 24 hours due to this breakdown.

24-Hour Target for XRP Breakdown

Analyst Block Bull highlighted XRP’s breakdown from a symmetrical triangle in the hourly timeframe. The coin broke from the structure’s lower support line after several closes below the trendline, leading to continued downward pressure.

In light of the prevalent short-term bearishness, the analyst predicted that the prominent cryptocurrency would decline further. In his Feb. 27 tweet, he speculated that the asset would correct nearly 10% to around $1.80 by tomorrow.

XRP Breakdown/Block Bull

Notably, this level is close to the Feb. 3 low of $1.7711, which analysis suggested was XRP’s generational bottom. For context, the asset previously rebounded over 52% from this area to close at $2.7001 that day.

XRP Still Bullish Long-Term

Despite recent price underperformance, analysis suggests that XRP could quickly overcome this bearish momentum and target higher prices. One speculator, Dark Defender, sees the downtrend as part of a larger bullish picture.

In a recent analysis, he suggested that the asset is approaching the end of its ABC correctional phase and that the next move will be a rebound to new all-time highs. His commentary asserted a surge past the $3.3509 top to $5, and eventually to $8.

Moreover, another commentary predicted short and long-term price targets of $4.3 and $67, with an ambitious target of $10,000 still on the table.

At the time of writing, XRP trades at $2.0249, down 8% in the past 24 hours.