Crypto analyst CrediBULL Crypto has provided an updated technical analysis on XRP, highlighting potential short-term weakness against the U.S. dollar and Ethereum.
XRP/USD Analysis: Local Supply Rejection
CrediBULL Crypto noted that the XRP/USD pair experienced rejection after entering a local supply zone. The price surged into resistance before correcting, indicating strong selling pressure. The analyst acknowledged the possibility of a short-term bounce but maintained focus on a larger corrective move.
XRP/ETH Analysis: Triple Tap Pattern
In his latest tweet, CrediBULL Crypto highlighted a 'triple tap' pattern in the XRP/ETH pair, where XRP made three unsuccessful attempts to break resistance. This pattern is often regarded as a bearish signal, indicating weakness. This reinforces the bearish outlook from the XRP/USD analysis and suggests potential broader downtrends.
Short-Term Outlook and Market Implications
Based on CrediBULL Crypto's analysis, XRP may face further downside pressure. A break below $2.20 would confirm this outlook, with the $1.77 region acting as a critical support level. However, the HTF structure remains healthy, suggesting this correction is part of a larger bullish cycle.
CrediBULL Crypto's technical analysis indicates potential short-term weaknesses for XRP, though the long-term outlook remains positive.
