XRP’s weekly chart has been signaling the same caution for months. A significant bearish pattern that emerged in late July and early August remains active, exerting downward pressure on the price. This prolonged signal indicates weakening momentum and minimal upward movement.
As this pattern persists, XRP is likely to experience further weakness in the coming months. The overall trend has not shifted, keeping the price under strain.
Daily Chart Indicates Potential for Short-Term Recovery
The daily chart shows a slight improvement. While XRP is forming a new lower price low, the RSI indicator is forming a higher low. This divergence could lead to a brief bounce or a few days of respite.
However, confirmation is still pending. To validate this signal, XRP must demonstrate a clear bounce in the daily RSI in the coming days. If this occurs, the price may stabilize or experience a gentle uptrend for a short period.
Nevertheless, any short-term recovery does not signify a complete trend reversal. It merely offers a temporary reprieve from the recent substantial decline.
Possible Minor Recovery, Yet Major Trend Remains Bearish
Even if XRP undergoes a brief bounce, the broader outlook remains bearish. The long-term pattern on the weekly chart persists, indicating a potential return of downward pressure after the short relief phase. A genuine recovery necessitates stronger signals, which are currently lacking.
Key Price Levels
XRP has a crucial support range between $2.50 and $2.70, which could impede further losses if the price declines once more.
On the upside, XRP encounters significant resistance between $2.30 and $2.40. Breaking above this range is essential to demonstrate early strength.
