- XRP chart shows support near $2 on Binance daily data with correction signs forming in recent sessions.
- Analyst Ali suggests XRP could stabilize at $2 if the correction pattern follows its expected path.
- Technical traders watch the $2 mark as a key level in XRP’s structure based on recurring chart movements.
XRP could be approaching a key support level at $2 according to a chart shared by analyst Ali on October 31. The visual from TradingView depicts XRP’s daily price behavior against Tether (USDT) on Binance, showing a potential correction phase unfolding. At press time, XRP was trading near $2.47, having gained 1.41% in the last 24 hours, according to the shared data.
The analysis indicates a descending structure with dotted projections suggesting a move toward the $2 level. This pattern, if confirmed, would mark a significant retracement from the recent highs observed earlier in the quarter. Ali’s post received over 22,000 views, drawing widespread attention from traders monitoring the next support region.
Market watchers noted that XRP’s chart now displays consistent lower highs since September, reinforcing short-term downward momentum.
Comments under the post suggested that many traders had been eyeing the $2 level since last week, anticipating a potential bounce.
Some even mentioned that XRP tested $2.30 earlier, which could indicate early reactions to the identified zone.
Could XRP’s price behavior signal a broader consolidation before a new breakout forms?
Chart Structure Reveals Historical Price Reactions
The chart illustrates how XRP tends to react around horizontal support and resistance levels.
The top resistance appears near $3.70, followed by mid-range resistance close to $2.60, and major support at approximately $2.00. Historically, these zones have acted as turning points during both uptrend and downtrend phases.
The dotted forecast on the chart shows a downward move followed by a potential rebound from around $2.00. Such movements often align with classical retracement behavior, where assets revisit previous support before continuing upward. Technical traders frequently interpret these setups as opportunities to gauge trend strength through volume and reaction confirmation.
Observers in the thread noted that the chart’s formation appears “to be screaming wait for it,” hinting at a decisive phase ahead. Others highlighted the recurring volatility, with one comment describing the structure as “one to watch since last week.” XRP’s price range since early October has remained between $2.30 and $2.70, marking reduced volatility compared to earlier months.
Traders Monitor $2 Zone as Critical Level
The $2 area stands as a psychological level for many XRP traders.
It represents both a prior consolidation floor and a point of potential accumulation in the current cycle. When similar setups occurred earlier this year, XRP displayed rapid rebounds once trading volume strengthened around these price levels.
Ali’s observation aligns with what has historically preceded medium-term reversals in XRP’s trading patterns. While short-term corrections remain visible, long-term market participants are focused on defending structural support zones. If buying activity increases near $2, the market could experience renewed momentum, similar to past recoveries shown on this chart.
Social activity surrounding the post continues to grow, with thousands reacting to the projected scenario. For now, the focus remains fixed on whether XRP can maintain stability above $2 and resume its upward trend from that key zone.
