Cryptocurrency analyst StephIsCrypto has highlighted a critical juncture for XRP, emphasizing that the $2.70 support level is essential for maintaining its bullish trend. According to the analysis, a weekly close below this threshold could signal a deeper retracement, potentially pushing the price toward $2.00. The analyst noted that while minor dips below $2.70 might not be alarming, sustained weakness would deteriorate market structure.
Further technical analysis reveals an Elliott wave pattern suggesting one final upward push to $4–$5, but bearish divergences on higher time frames indicate slowing momentum. This setup mirrors the 2021 cycle, which preceded an 80% decline in XRP's price. Sentiment indicators also show a misalignment with price action, raising concerns about the cycle's end.
In a separate development, XRP has already broken below the $2.70 support, with selling momentum accelerating after rejections at the $3.10–$3.20 resistance zone. The next key level is the 200-day EMA near $2.60, which acts as a final buffer before a potential drop to the $2.00–$2.30 demand zone. The RSI at 37 hints at oversold conditions, but increased volume during the breakdown suggests conviction among bears.