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The cryptocurrency market is currently trying to bounce back and the next few days will be crucial to determine the market direction. Bitcoin and Ethereum are beginning to bounce off an important Fibonacci level, and Solana is still showing a short-term bullish divergence. However, XRP is breaking out above a critical resistance zone.
Currently, XRP continues to face bearish pressure, particularly on the 3-day time frame. The chart reveals a significant bearish divergence, suggesting that a sustained bullish momentum is not likely in the near future. According to analyst Josh of Crypto World, this signal on the larger time frames indicates that a major upward movement is not expected. However, short-term bullish movements remain possible.
Recent Price Movements and Support Levels
XRP has recently bounced off key support levels, particularly between $1.95 and $2.25. For several hours, the price struggled to break past a short-term resistance zone in the $2.25 to $2.30 range. However, a positive shift occurred with a confirmed breakout, as the price closed above $2.30 on an 8-hour candle, signaling a potential short-term bullish trend.
Resistance Levels to Watch
Looking ahead, the next key resistance levels for XRP are expected to be between $2.65 and $2.80. If the price continues to rise, additional resistance may appear near the $3 mark. In the short term, potential resistance could be seen around $2.50 and $2.38–$2.40, as previous support zones could now act as resistance.
Bitcoin’s Influence on XRP Price
To predict XRP’s price movements more accurately, monitoring Bitcoin’s price trends is crucial. If Bitcoin experiences short-term bullish relief, XRP and many altcoins are likely to follow suit. Conversely, if Bitcoin’s price continues to decline, similar drops across major altcoins, including XRP, can be expected.