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XRP has made significant strides on the charts, closing two consecutive daily candles above the critical $2.46 resistance level. This breakout has effectively ended the previous bearish phase, signaling the start of a bullish trend characterized by higher highs and higher lows — a structure traders closely watch for in a positive market setup.
Short-Term Slowdown Ahead?
Despite the optimistic breakout, caution is warranted in the short term. According to analyst Josh from Crypto World, a bearish divergence has appeared on the charts, with the RSI (Relative Strength Index) showing signs of a potential cooldown. While XRP’s price continues to climb, the RSI is beginning to dip, hinting that the rally could stall temporarily.
In the event of a pullback, the $2.45 to $2.46 range is expected to serve as a strong support zone. However, if XRP fails to hold this level, it could open the door for further declines, potentially targeting lower support at $2.30.
Also Read: XRP’s Role in Hidden Road Deal: Is RLUSD Replacing XRP as Ripple’s Preferred Asset?
Key Resistance Levels to Watch
On the upside, traders are closely monitoring resistance levels at $2.60, $2.77, $2.95, $3.15, and $3.30. Maintaining support above $2.46 will be crucial for sustaining the current bullish structure. Analysts emphasize that clearing the $2.77 resistance could set the stage for a more substantial rally toward the $3.00 mark.
Market Outlook: Bullish but Cautious
For now, XRP’s overall trend remains positive, and the recent breakout has instilled renewed confidence among traders. However, with key resistance levels ahead and a potential RSI dip, the next few days could be pivotal in determining whether XRP continues its upward trajectory or faces a temporary retracement. Traders should keep a close eye on both the support at $2.46 and the resistance at $2.77 to gauge XRP’s next major move.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
