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Ripple’s XRP is currently down by more than two percent and is trading below the critical $2.40 level. For XRP to maintain its upward momentum, it must hold above current support levels, particularly the $2.29 mark. Keep in mind that XRP, like many major altcoins, often follows Bitcoin’s price action. If Bitcoin experiences a short-term bounce, we may see similar movements in altcoins like XRP.
Possible Pullback or Minor Slowdown Ahead?
Although the bearish divergence may signal a pullback, it does not always lead to a significant drop. Sometimes, it results in a minor slowdown, like the current resistance around the $2.50 mark. With XRP nearing a key resistance point and flashing this warning sign, it’s not the best time to open new long positions. In fact, it could be a good idea to take some profits from existing positions for now.
Support and Resistance Levels
The price is also encountering resistance at $2.70 and $2.63. Pivot points show additional resistance at $2.58 and $2.53, with some stalling observed in the 3-10 day moving average crossover and raw stochastic levels at 80% and 70%.
The price crossed the 18-day moving average at $2.41, and the 38.2% retracement from the 4-week high stands at $2.41. Additional support is found at $2.40 (first support point) and $2.35 (second support point), with a 50% retracement from the 4-week high/low at $2.31. The 9-day moving average also stalled at $2.33.
Further support levels appear at $2.27 and $2.19, where the price crosses the 9-day moving average. Deeper support is found at $2.20 and $2.11, with raw stochastic levels showing oversold conditions at 20%.