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Ripple’s XRP is currently down by more than 2 percent and is trading at $2.50. The broader market sentiment has turned red and Bitcoin is currently trading below $96,000. The price of XRP remains stuck in a tight range, struggling around key resistance levels. The current resistance area, sitting between $2.65 and $2.80, has shown strong rejection multiple times, preventing upward price movement above it. Despite these rejections, there has not been a major shift towards bearish momentum, indicating that the market lacks clear direction.
Support Levels and Market Behavior
Currently, XRP is bouncing between support and resistance. According to analyst Josh of Crypto World, the first support level is around $2.50, with further support found between $2.25 and $2.30. This suggests that XRP is range-bound, showing a lack of decisive movement in either direction. Attempts at bullish moves are stalling at resistance, while bearish moves are not gaining enough strength to push the price lower.
Potential Bullish Breakout and Future Resistance
Should XRP manage to break above $2.80 and close a daily candle above this level, it could signal the beginning of a bullish relief rally, possibly driving the price up to $3. However, at around the $3 mark, XRP would likely face resistance once again. For now, a confirmed breakout above $2.80 is required to push the price higher.
Outlook for XRP in the Short Term
In the near term, XRP’s price action is expected to remain relatively uneventful, with a lack of momentum likely leading to continued sideways movement. As of now, short-term traders may experience somewhat boring price action until a breakout or breakdown occurs.