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As of now, XRP is continuing to trade below its key support-turned-resistance zone, which ranges between $2.25 and $2.30. This area has proven to be a crucial level for the coin’s price, and any attempts to rally higher are likely to face resistance here. If XRP does experience a short-term bounce, traders should watch for resistance within this range.
Current Support Levels:
XRP has found some support around the $1.95 to $2 range. This is an important zone that has been acting as a price floor for XRP in recent weeks. In fact, the price recently bounced from exactly $1.95, which has been a recurring support level.
Short-Term Outlook:
On the smaller timeframes, XRP has triggered an oversold signal, indicating potential short-term relief. Historically, when XRP’s RSI has been oversold, it has resulted in some bullish relief over the next 1-3 days. However, this does not guarantee a long-term reversal.
Bearish Divergence and Larger Trend:
Despite some short-term bounces, the broader market structure for XRP remains bearish. There is still a larger bearish divergence visible on the chart, and no signals have emerged to invalidate this trend yet. This suggests that XRP is still in a downtrend, characterized by lower highs and lower lows.
Critical Support Levels:
On the flip side, the $1.95-$2.00 range continues to act as a key support area for XRP. If the price were to break below this level, it would invalidate the current bullish short-term setup. The next key support to watch would be $1.77, which is an important level.
Medium-Term Scenario:
If XRP holds above the $1.95-$2.00 range, there is still a potential for the price to climb in the medium term. However, the outlook remains cautious as the larger trend is still down. A significant breakout would require a move above $2.36, and ultimately $2.83, to signal a true reversal.