XRP shows signs of recovery with a nearly 7% increase, yet faces a 10.44% drop over the past week. Short-term analysis suggests a potential correction towards the $2 zone if resistance isn’t maintained.
What to Know:
- XRP shows signs of recovery with a nearly 7% increase, yet faces a 10.44% drop over the past week.
- Short-term analysis suggests a potential correction towards the $2 zone if resistance isn’t maintained.
- Midterm outlook indicates possible sideways trading between $1.90 and $2.10, with a risk of decline to $1.50 by month’s end if bearish trends persist.
XRP is attempting a recovery as bulls try to regain control, showing a notable increase today. Despite this positive movement, XRP has experienced a significant drop over the past week, leaving investors cautious. The current price movements suggest a critical juncture for XRP’s short-term and midterm trajectory.
On the hourly chart, XRP faces a potential downturn after encountering resistance at $2.0760. A failure to maintain levels above this mark could trigger a correction, potentially driving the price back toward the $2 support level. This short-term volatility highlights the ongoing tug-of-war between buyers and sellers.
Analyzing the larger timeframe, neither bullish nor bearish forces dominate, with the price hovering between key support and resistance. This ambiguity suggests a period of consolidation, where sideways trading within the $1.90-$2.10 range is likely in the coming days. Traders should watch for a breakout from this range to signal the next significant move.
From a midterm perspective, the situation remains uncertain. Should the weekly bar close near its low, a more substantial correction could occur, potentially leading to a test of the $1.50 zone by the end of the month. This scenario underscores the importance of monitoring weekly closing prices for clues about future direction.
Currently priced at $2.0258, XRP’s immediate performance hinges on its ability to sustain upward momentum and overcome resistance levels. Investors should closely monitor these technical indicators to gauge potential opportunities and risks in the evolving crypto landscape.
Related: XRP Price: $12M Max Pain for Bears
Source: Original article
Quick Summary
XRP shows signs of recovery with a nearly 7% increase, yet faces a 10.44% drop over the past week. Short-term analysis suggests a potential correction towards the $2 zone if resistance isn’t maintained.
Source
Information sourced from official Ripple publications, institutional research, regulatory documentation and reputable crypto news outlets.
Author
Ripple Van Winkle is a cryptocurrency analyst and founder of XRP Right Now. He has been active in the crypto space for over 8 years and has generated more than 25 million views across YouTube covering XRP daily.
Editorial Note
Opinions are the author's alone and for informational purposes only. This publication does not provide investment advice.
