It appears that Ripple’s XRP has experienced a slight decrease of more than two percent and is currently trading below the critical $2.40 level. In order for XRP to sustain its upward trajectory, it must maintain support above the current levels, particularly the $2.29 mark. It is important to note that XRP, much like other major altcoins, tends to follow the price movements of Bitcoin. If Bitcoin sees a temporary rebound, we may witness similar movements in altcoins such as XRP.
Possible Retracement or Minor Slowdown on the Horizon?
While the bearish divergence could indicate a potential pullback, it does not always result in a significant decline. Sometimes, it leads to a minor slowdown, as seen with the current resistance around the $2.50 level. With XRP approaching a crucial resistance point and displaying this cautionary signal, it may not be the ideal time to initiate new long positions. Consider taking some profits from existing positions at this time.
Levels of Support and Resistance
The price is currently facing resistance at $2.70 and $2.63. Pivot points indicate additional resistance at $2.58 and $2.53, with some resistance seen in the 3-10 day moving average crossover and raw stochastic levels at 80% and 70%.
The price surpassed the 18-day moving average at $2.41, while the 38.2% retracement from the 4-week high is situated at $2.41. Further support can be found at $2.40 (first support level) and $2.35 (second support level), with a 50% retracement from the 4-week high/low at $2.31. The 9-day moving average also faced resistance at $2.33.
Additional support levels are evident at $2.27 and $2.19, where the price intersects with the 9-day moving average. Deeper support can be found at $2.20 and $2.11, with raw stochastic levels indicating oversold conditions at 20%.
