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The cryptocurrency market is currently trying to bounce back after experiencing a minor dip. Bitcoin is currently trying to rise above the $99,000 levels and is up by more than one percent in the last 24 hours. Cardano has climbed by more than 9% in the last 24 hours and Dogecoin has also gained 4%. As for XRP, it has been moving along with the market, and XRP/BTC is showing slight upward movement. However, nothing major is happening right now.
XRP is still bouncing from a short-term support zone, ranging between $2.25 and $2.30. If the price stays above this level, it could maintain the bounce. However, if XRP closes a daily candle below $2.25, the next support level is around $2, specifically between $1.95 and $2.05. On the upside, the resistance to watch is between $2.58 and $2.63. If XRP pushes above this zone, stronger resistance could be found around $3.20 to $3.30.
Current Market Sentiment
While XRP is still under a larger bearish divergence, which is impacting the price on the daily and 3-day charts, we are currently experiencing a short-term bullish divergence on the 8-hour chart. This has provided a brief relief from the downward trend, leading to some sideways movement or a small bounce.
Short-Term Outlook
The current relief could continue for a few more days, but it’s important to note that this isn’t a full reversal into a bullish trend. It’s more of a pause in the ongoing bearish trend. A continued bounce or sideways movement is likely, but the overall market still faces pressure in the longer term.
The SEC Case and XRP’s Future
The big hurdle for XRP continues to be the ongoing legal battle with the SEC. Once this case is resolved, we could see a significant boost in XRP’s price, as all the positive momentum currently building up will likely surge at once. If the SEC case is settled, it could see XRP make bigger moves.