Damage report: XRP has fallen below the 200 week SMA.
Looking back, this has consistently been a major hurdle to reclaim once lost. The previous two times XRP broke below it, price spent well over a year accumulating underneath before finally breaking back above. The most recent example started in 2022, where XRP chopped around the 200W SMA for roughly 2 years before the breakout in late 2024.
What stands out to me isn't necessarily how far price fell after losing it but how long it took to repair the damage. Historically, reclaiming this level hasn't been quick!
There are a few key VWAPs on the chart that could act as support:
🔴 Red VWAP: March 2020 low ($0.69)
🟠 Orange VWAP: June 2022 low ($0.83)
🟢 Green VWAP: January 2023 low ($0.97)
I've also marked several fib extension targets. Realistically, price could react at any of them but the level I'm most interested in is the 1.0 extension around $0.77.
Not only is it a major extension target, it's also sitting right on a very symbolic number. If downside continues over the coming weeks/months that's the area I'd be watching for a meaningful reaction (hopefully).
Of course, none of this means price has to go there! The first sign this breakdown is failing would be a reclaim of the 200W SMA and successful retest back above it. Until then, I'm treating this as a notable technical loss and watching how price behaves around these support levels.
Looking back, this has consistently been a major hurdle to reclaim once lost. The previous two times XRP broke below it, price spent well over a year accumulating underneath before finally breaking back above. The most recent example started in 2022, where XRP chopped around the 200W SMA for roughly 2 years before the breakout in late 2024.
What stands out to me isn't necessarily how far price fell after losing it but how long it took to repair the damage. Historically, reclaiming this level hasn't been quick!
There are a few key VWAPs on the chart that could act as support:
🔴 Red VWAP: March 2020 low ($0.69)
🟠 Orange VWAP: June 2022 low ($0.83)
🟢 Green VWAP: January 2023 low ($0.97)
I've also marked several fib extension targets. Realistically, price could react at any of them but the level I'm most interested in is the 1.0 extension around $0.77.
Not only is it a major extension target, it's also sitting right on a very symbolic number. If downside continues over the coming weeks/months that's the area I'd be watching for a meaningful reaction (hopefully).
Of course, none of this means price has to go there! The first sign this breakdown is failing would be a reclaim of the 200W SMA and successful retest back above it. Until then, I'm treating this as a notable technical loss and watching how price behaves around these support levels.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.