XRP Prices May Reach Critical Support Level Before Significant Reversal

Crypto analyst Crypto Michael has released an update on his earlier XRP analysis, warning that the current decline in the cryptocurrency's price will be its final leg down before a significant reversal.

The price of XRP is currently trading at $1.32, down over 3% from yesterday and approaching the critical $1.30 support level that many analysts have been tracking.

According to Crypto Michael, this decline marks the beginning of the shakeout, which will ultimately lead to a significant increase in price.

The analyst has been tracking a large falling wedge on the weekly timeframe, with XRP's price producing lower highs while continuing to defend a long-term support trendline.

With the wedge approaching its apex, Crypto Michael believes that the market is coiling and preparing for a decisive move.