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Ripple’s XRP is currently down by more than two percent and is trading at $2.64. The cryptocurrency is currently facing significant resistance between the $2.65 and $2.80 levels. This suggests the price could continue to struggle around these points in the short term. XRP has erased the majority of the gains made in the seven days. The broader market sentiment also remains mixed, with Bitcoin struggling to break above the crucial $98k mark and Ethereum is also stuck below the $3000 mark.
Support Levels to Watch
On the downside, support can be found around the $2.50 level. According to analyst Josh of Crypto World, a drop below this could lead to further support between $2.25 and $2.30. These levels are important to monitor as they may indicate where price stability could form if the bearish trend continues.
Resistance Beyond $2.80
Should XRP break above the $2.80 resistance level, additional resistance is expected around the $3 mark, followed by another resistance zone near $3.20.
Possible Bullish Cup and Handle Pattern
If XRP manages a confirmed breakout above $2.80, there’s potential for a short-term cup and handle pattern to form on the daily timeframe. If validated, this pattern could signal a higher low and indicate a bullish shift in market sentiment. A breakout could result in significant bullish momentum over the next few days or weeks.
Short-Term Analysis: Bullish Divergence
On the 2-hour chart, XRP has recently shown a bullish divergence, the opposite of the previous bearish divergence that led to a pullback. Bullish divergences generally result in a short-term relief rally or sideways price action. Although the RSI is approaching oversold territory, it hasn’t yet reached that level, and the bullish divergence remains intact for now.