Ripple’s XRP is currently down by more than 1% and is trading at $2.39. XRP’s price continues to show a larger bearish divergence on the 3-day chart. Despite some short-term bullish movement, the overall momentum is still leaning toward the downside. For months, market analysts have been warning that major bullish movement is unlikely in the near future.
Short-Term Bullish Action Amid Larger Bearish Trend
XRP has seen brief bullish movements, with some positive price structure breaking above key levels. According to analyst Josh of Crypto World, these moves have allowed XRP to flip previous resistance into support, giving traders hope for short-term price action. However, the overarching bearish divergence remains, signaling that larger price increases may still be unlikely for the near future.
Key Support and Resistance Levels for XRP
XRP currently holds support between $2.24 and $2.30, with major support around $1.95 to $2.50. On the flip side, resistance levels are observed at $2.60 to $2.65 and again near $2.80. A significant resistance zone is near the $3 mark, making it a key level for any possiblr upward movement.
Sideways Price Action Likely to Continue
Over the past month, XRP has primarily moved sideways within a price range between key support and resistance levels. With the larger bearish divergence in play, it’s likely that this trend will continue until more definitive market signals emerge. In the immediate term, XRP’s price is expected to fluctuate within this range, with a lack of strong directional momentum.
XRP’s Long-Term Outlook: Waiting for a Breakout
XRP’s long-term outlook remains uncertain, with market analysts suggesting the possibility of a “last hurrah” for bullish action. Some believe that XRP could experience a final euphoric surge before a more significant downtrend, driven by broader market forces. As the market is still in a corrective phase, it may take time before XRP can break out of its sideways movement and generate substantial price action.
Conclusion: A Market at Crossroads
Despite short-term price movements, XRP’s price is currently stuck within a range, waiting for a catalyst to drive the next price change. While the bearish divergence remains the dominant trend, the potential for short-term bullish action exists.
