Ripple (XRP) has shown a steady rise in recent weeks, but current analysis indicates potential deceleration at the $2.4 resistance level.
Daily XRP Analysis
On the daily chart, XRP's uptrend is met with strong resistance around the $2.4 mark, coinciding with the upper boundary of a prolonged descending wedge pattern. This level proves to be a robust supply zone, evident from the lack of buying momentum after the recent rally.
4-Hour Chart Analysis
Zooming into the 4-hour timeframe, technical weakness becomes more pronounced. XRP has been rejected at the $2.4 resistance, retracing shortly after. A bearish divergence has formed between the price and the RSI, indicating weakening momentum as new highs were tested. XRP has printed a lower low, suggesting a potential shift in trend.
Conclusions on XRP Movement
This confluence of factors points toward a high probability of a retracement toward the $2 psychological level in the near term. If demand fails to re-enter around this zone, deeper corrections may follow. However, if buyers step in with conviction, this region may serve as a launchpad for another breakout attempt toward $2.6.
XRP price analysis suggests that current resistance at $2.4 creates conditions for a potential correction. Investors should closely monitor price dynamics in the coming days.
