After hitting a low of $2.03, XRP has slightly recovered to reach the $2.10 level, showing a gain of more than 1%. However, recent weeks have been challenging for the cryptocurrency.
XRP's Market Position
XRP has struggled recently, closing in the red during six of the last seven trading sessions. This comes amid a broader crypto market slump, with falling prices and investor uncertainty.
Technical Analysis and Signals
A strong bearish divergence remains on the 3-day chart, indicating weakness in the price movements. However, on the 8-hour chart, signs of a bullish divergence are emerging: the Relative Strength Index (RSI) is forming higher lows despite price declines.
Price Movement Expectations
In the short term, sideways price action with a slight bullish bias is expected. Historically, such setups can lead to modest upward moves or more significant rallies in favorable conditions. Key support levels lie between $1.95 and $2.05, where buying interest may emerge, while resistance is expected between $2.24 and $2.30.
XRP’s price movements remain closely tied to Bitcoin and the broader crypto market. Unless Bitcoin shows a substantial breakout, XRP's potential for a significant surge remains limited.
