Current Market Status of XRP
Ripple’s XRP is experiencing a slight downturn, having dropped by over two percent and currently trading below the critical $2.40 level. For XRP to sustain its upward trajectory, it is essential that the cryptocurrency remains above key support thresholds, particularly the $2.29 mark. It’s important to note that XRP, akin to numerous major altcoins, frequently mirrors Bitcoin’s price movements. Should Bitcoin undergo a short-term rebound, similar patterns might emerge in altcoins like XRP.
Analyzing a Potential Pullback or Minor Slowdown
The presence of bearish divergence may suggest an impending pullback, though it does not necessarily imply a substantial decline. Often, this results in a minor deceleration, as evidenced by the current resistance around the $2.50 level. XRP is approaching a significant resistance threshold, and with this cautionary signal in play, it might not be the most opportune moment to initiate new long positions. Instead, it could be prudent to secure profits from existing investments at this juncture.
Key Support and Resistance Levels
The price of XRP is currently encountering resistance at several critical points, notably $2.70 and $2.63. Additional resistance is identified at $2.58 and $2.53, with some hesitation noted in the 3-10 day moving average crossover and raw stochastic levels hovering at 80% and 70%.
Recently, the price breached the 18-day moving average at $2.41. Additionally, the 38.2% retracement from the 4-week high is situated at $2.41. Primary support is established at $2.40, followed by secondary support at $2.35. A notable 50% retracement from the 4-week high/low is marked at $2.31, while the 9-day moving average has also stalled at $2.33.
Further support levels manifest at $2.27 and $2.19, coinciding with the crossing of the 9-day moving average. More profound support is evident at $2.20 and $2.11, where raw stochastic levels indicate oversold conditions at 20%.
