XRP shows a slight increase over the last day but faces bearish indicates in the short term. Sideways trading is expected in the near term, with potential for a bounce if buyers regain momentum. Midterm analysis indicates a downward trend, but a strong weekly close could shift the momentum.
What to Know:
- XRP shows a slight increase over the last day but faces bearish signals in the short term.
- Sideways trading is expected in the near term, with potential for a bounce if buyers regain momentum.
- Midterm analysis indicates a downward trend, but a strong weekly close could shift the momentum.
XRP’s recent performance indicates a struggle for dominance between buyers and sellers. While showing a slight increase over the last day, short-term indicators suggest potential bearish movement. Investors should monitor key levels to anticipate potential shifts in momentum.
On the hourly chart, XRP’s price action suggests a bearish outlook. A break below the $2.277 support level could trigger a further decline toward $2.25. Traders should be cautious of this potential short-term downside risk.
Looking at a longer time frame, the absence of clear dominance from either buyers or sellers suggests a period of consolidation. Sideways trading within the $2.25-$2.40 range is a likely scenario. Investors may find opportunities within this range, but should remain vigilant for potential breakouts.
From a midterm perspective, XRP’s failure to sustain above $2.6624 has led to a downward trend. However, a strong weekly close, away from the candle low, could signal renewed buying interest and a potential bounce toward the $2.50 area. Monitoring the weekly close will be crucial for assessing future price direction.
XRP’s current trading pattern suggests a period of uncertainty, with short-term bearish signals countered by the potential for a bullish reversal. Investors should closely monitor key support and resistance levels, as well as the weekly close, to make informed decisions.
Related: XRP Price: $12M Max Pain for Bears
Source: Original article
Quick Summary
XRP shows a slight increase over the last day but faces bearish signals in the short term. Sideways trading is expected in the near term, with potential for a bounce if buyers regain momentum. Midterm analysis indicates a downward trend, but a strong weekly close could shift the momentum.
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.
