Recent analysis of XRP price reveals mixed signals, with current support at $2.90 but warnings of potential long-term decline.
Support and Key Levels
On the daily chart, XRP is currently bouncing off a Fibonacci support level near $2.90. This area between $2.90 and $3.00 acts as a strong support zone. If the price manages to stay above this range, we could see more short-term bounces. However, if XRP closes back below $2.90, there’s a chance of a drop toward $2.75, with another key support zone between $2.55 and $2.62.
Resistance Levels
In the short term, XRP faces resistance around $3.10, with a stronger barrier between $3.10 and $3.20. If bulls can push through this zone, the next resistance lies closer to $3.40. For now, XRP seems to be stuck in a range, with support holding steady but resistance preventing a strong upward move.
Impact of Bitcoin Dominance
Looking at the Bitcoin dominance chart, there’s still no sign of an altcoin season. Bitcoin dominance is holding above its support level between 60.5% and 61%. As long as this level holds, altcoins like XRP may continue to follow Bitcoin’s lead without showing major independent gains.
According to the current analysis, XRP shows mixed signals, holding support at the $2.90 level while bearish divergence may weaken bullish sentiment in the future. The influence of Bitcoin dominance will also determine XRP's movement and that of other altcoins.
