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The price of XRP has dropped by over 3% and is currently trading around $3.01. This brings the token dangerously close to falling below the crucial $3 support level, a price point that has held strong for quite some time. If it breaks below, it could signal more downside in the short term.
Weekly Chart Shows Weakness Ahead
Looking at XRP’s weekly price chart, analysts say there’s no confirmed end to the broader bull market yet. However, in the short term, the token is clearly showing signs of weakness, something that is also being seen across the wider crypto market.
A particularly concerning development is the bearish divergence forming on the XRP weekly chart. While the price has made higher highs in recent weeks, the Relative Strength Index (RSI), a key technical indicator, is making lower highs. This mismatch often points to an upcoming correction.
The current weekly candle is set to close in about 3.5 days. If it closes in the red, it will confirm the second lower high on the RSI, strengthening the bearish signal. If that happens, XRP could be in for a deeper pullback over the coming weeks or even months.
Bitcoin Dominance is Important
The only factor that could reverse this bearish trend is a sudden drop in Bitcoin dominance (the share of BTC in the total crypto market cap). A drop in BTC dominance would mean a shift in market focus toward altcoins like XRP, possibly starting another altcoin season.
However, as long as Bitcoin dominance remains strong and holds above its current support, altcoins could continue to face pressure.
Short-Term: Sideways Movement Continues
In the short term, XRP is moving sideways in a tight trading range. The support level lies between $2.90 and $3.00, while the resistance is between $3.30 and $3.40. For now, the price is bouncing between these two zones, holding support and rejecting resistance.
This sideways movement is expected to continue for the next few days or even the next couple of weeks.