Ripple (XRP) Hangs at Pivotal $0.51 Support; Will It Hold?

Ripple XRP has fallen to the critical price support level of $0.51 amid a broad downtrend in the crypto market. This key level could determine the short-term trajectory of the altcoin.

A break below the $0.51 support would take XRP under the psychological $0.50 point, with the next floor at the Fibonacci 0.618 retracement level around $0.496. As bears seized control on January 18th, battering Bitcoin below $40,000 and Ethereum under $2,200, XRP also faced intense selling pressure. This pushed XRP below $0.51 for the first time since January 3rd.

Once $0.51 was breached, XRP plunged below $0.50 to $0.4962, its lowest level since October 2022. This exposed the importance of $0.51 support, as the coin quickly recovered back above this price. The coin now hovers around this pivotal defense, raising questions about where it goes next.

Also read: Ripple Is Poised For A Massive Breakout; Here’s When

Analysts say XRP needs to hold above $0.55

Veteran analyst Ali Martinez believes Ripple XRP needs to hold above $0.55 to avoid a steeper decline toward $0.34. However, the coin could find support between $0.48 and $0.46 before that level. This zone is its last defense after losing $0.55. If selling pressure subsides here, bulls could stage a rebound. However, sustained downward momentum would likely break below $0.46.

Analyst JD examined a symmetrical triangle pattern forming on XRP’s weekly chart since 2021. The coin now heads toward the lower trendline of this triangle, which overlaps with JD’s identified buy zone between the Fibonacci 0.618 and 0.786 levels, around $0.28 to $0.33.

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JD plans to convert the dollar-cost average into an XRP position if it hits this area. The fate of XRP hangs delicately at the pivotal $0.51 support. A decisive move lower could spark a steeper decline, but the $0.35-0.45 zone could emerge as a new bottom. Analysts remain divided on XRP’s next steps amid heavy market volatility.