Ripple’s XRP is currently battling crucial resistance levels and is down by more than two percent in the last 24 hours. However, the third largest cryptocurrency is up by more than five percent on the weekly chart. However, the majority of the top 10 coins have drifted into the red zone, with Bitcoin trading below $96,000.
According to analyst Josh of Crypto World, XRP is following Bitcoin’s price movements, as is typical for many altcoins. With Bitcoin facing a pullback, XRP is also showing signs of weakness and may fail to sustain its recent breakout above the resistance level of $2.58 to $2.73.
If XRP closes a daily candle below $2.58, this would be a bearish signal, hinting that the area could flip to resistance once again. However, a higher low above the previous low could still signal a potential positive outlook for XRP.
The next significant support levels for XRP are between $2.25 and $2.30. If XRP manages to hold above this, it could still maintain a bullish structure. A further pullback could test the $2 support level. Additionally, smaller support zones, like around $2.46 to $2.47, may also provide some relief if previous resistance levels flip to support.
Despite the ongoing bearish divergence, which is still active, the price action may be approaching a local low. This could trigger a relief rally in the coming days, especially as the price nears oversold territories on the 2-hour chart. However, XRP may still dip slightly lower before finding support. In the short term, more choppy sideways price action is expected, with the larger bearish divergence potentially continuing until invalidated.
XRP is dropping due to Bitcoin’s pullback, bearish divergence, and resistance at $2.58-$2.73, signaling short-term weakness in the market.
XRP’s bullish structure remains if support holds at $2.25-$2.30. Investors should watch price action and Bitcoin’s trends before deciding.
A relief rally is possible if XRP finds support near oversold levels, but sustained gains depend on Bitcoin’s stability and broader market trends.
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