XRP's price has declined by over 2% and is trading at $2.43. Following the significant surge in 2024, the current position of the cryptocurrency remains neutral, with only short-term fluctuations likely.
Current Price Action of XRP
In the shorter term, XRP is trading within a relatively narrow range. Support is found between $2.24 and $2.30, with further support between $1.95 and $2.05. Resistance levels are at $2.65 to $2.80, and a significant barrier exists around the $3 mark. Recently, the Relative Strength Index (RSI) reached overbought levels, prompting a slight dip in XRP's price.
Role of RSI in Price Movement
After the recent pullback, the RSI reset allows more room for potential upward movement in the near term. However, with strong resistance levels around $2.60 and $2.65, breaking through these areas without more momentum will be challenging.
Bitcoin’s Influence on XRP Movement
As always, Bitcoin's performance plays a crucial role in the movements of other cryptocurrencies. If Bitcoin continues to show short-term relief and breaks above key resistance levels, XRP could exhibit similar behavior. However, if Bitcoin faces a major rejection and declines, XRP is likely to follow a similar move.
For now, XRP is in a neutral phase with minor bullish action but no significant momentum toward an upside. Major price shifts are unlikely unless Bitcoin shows a clear breakout or rejection.
