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Ripple’s XRP is currently down by more than two percent and is testing levels below $2.70. However, in the last seven days, XRP is up by more than 8%. As of now, XRP is testing a previous resistance zone between $2.58 and $2.73. After a significant rally from the February low, the price has struggled to break past the $2.79 level.
This is a crucial area to watch because if XRP can flip this resistance into support, it would signal a potential continuation upward. However, the price is still in the testing phase, and it has not yet confirmed this as a solid support level.
Key Support and Resistance Levels
If the price fails to maintain this level and closes below $2.58 on the daily chart, the breakout attempt will be considered unsuccessful. In that case, XRP could move back toward the next major support zone between $2.25 and $2.30, which was significant support previously. Below that, additional support is available further down, but these levels need to be closely monitored.
The next significant resistance lies at $2.79, and if breached, it could signal a potential continuation towards $3. However, as long as XRP stays below $2.79, the price action is likely to remain under downward pressure.
Bearish Divergence
Currently, there is a larger bearish divergence on the daily chart, which is also visible on the 3-day chart. This bearish divergence is still in play, and if XRP drops below $2.58, it will likely continue, leading to a price pullback toward the next support area.
Short-Term Pullback
The recent short-term pullback in XRP’s price can be attributed to this bearish divergence. Since higher highs were seen in the price while the RSI showed lower highs, a bearish divergence formed. This typically leads to a pullback or sideways price action.