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The broader crypto market is also experiencing a bullish surge, with Bitcoin trading above the $86,000 mark. ADA has gained a whopping 16% in the last 24 hours. Ripple’s XRP has also bounced back in the last 24 hours and is up by more than 6%. The price is now trading at $2.44, eyeing to break levels above $2.50.
Bearish Divergence on the 3-Day Chart
According to analyst Josh of Crypto World, XRP has been showing signs of a bearish divergence on the 3-day time frame. This means that while the price has been making higher highs, the Relative Strength Index (RSI) has been making lower highs. This divergence has been present for some time, and despite short-term bounces, it suggests that we might not see a strong bullish trend anytime soon. Until XRP sees a confirmation of an invalidation signal, the bearish trend could still continue.
Short-Term Price Action: Support and Resistance Levels
The price is currently bouncing from a significant support zone between $2.25 and $2.30. If XRP breaks below this level, it could drop to the next major support zone around $2. Currently, there’s a lack of strong momentum in either direction, so we may see sideways movement in the short term.
The RSI has recently reset to neutral levels, which could lead to more stable, less volatile price action. In the past, when the RSI reset from overbought conditions, XRP experienced relatively flat price movement for a few days.
Resistance Levels to Watch
If XRP continues its short-term bounce, key resistance levels to watch are between $2.65 and $2.80. Additional resistance could be found around $3.00, with a possible short-term resistance at $2.50 based on previous support turning into resistance.