Price is at a critical point after repeatedly testing the $2.02 support level for the fifth time over the past several months. While this could indicate strong support, it’s also a sign of weakening buyers if it continues to be tested.
However, a major concern of mine is the significant buy liquidity at $1.72, totaling over 5.96B, which suggests that if support at $2.02 breaks, we could see a move down to that level as market makers seek liquidity.
On the other side, there’s currently little liquidity to drive price higher, and volume remains stagnant, which raises doubts about an immediate upward move. The MACD also reflects weak momentum, reinforcing the lack of buying pressure.
Unless we see a sudden catalyst, such as major XRP-related news, a breakout to the upside remains uncertain. For now, price action remains in a range-bound consolidation, with downside risk increasing if $2.02 fails.