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Over the last few months, XRP’s price has been showing a significant bearish divergence. While the price has been making higher highs, the 3-day Relative Strength Index (RSI) has been making lower highs. This suggests that the upward momentum may not be as strong as it appears. According to analyst Josh of Crypto World, the market should not expect any major bullish moves for now. Short-term bounces are normal, but sustained upward momentum like we saw in the past is unlikely in the near future.
Struggling at Key Resistance Levels
In the shorter term, looking at the 8-hour chart, XRP recently bounced from a support area and moved up towards a resistance zone between $2.25 and $2.30. As anticipated, the price is now struggling at this level. If XRP manages to break above $2.30 and closes a candle above this level, it could indicate a potential continuation towards $2.50-$2.60. However, the next significant resistance area lies between $2.65 and $2.80.
Sideways Price Movement and Trading Opportunities
Currently, XRP’s price is stuck in a sideways range, struggling to find momentum in either direction. Although the price is bouncing from support, it’s also facing resistance around $2.25 to $2.30.
For traders, this creates opportunities to trade within this range. A break below key support levels might signal a short position, while a bounce off support could lead to a long position. Additionally, a confirmed breakout above resistance could present another opportunity for short-term gains.
At the time of writing, XRP is trading at $2.25 and is up by more than one percent in the last 24 hours. As for Bitcoin, the largest cryptocurrency is down by more than two percent and is trading at $81,000.