Key Highlights
- XRP is currently trading above $2.80, with potential for further increases.
- Weakening bearish momentum indicates that buyers are slowly regaining market control.
Technical Indicators Show Weakening Bearish Momentum for XRP
XRP, the native cryptocurrency of the Ripple blockchain, has seen a minor increase of less than 1% over the past 24 hours, currently trading above $2.80. This positive movement comes amidst diminishing bearish momentum.
Traders are closely monitoring upcoming Non-Farm Payroll (NFP) data and unemployment rates scheduled for release later today. Despite a bullish trend in the cryptocurrency market recently, there has not been sufficient momentum to reach new highs.
Later this month, the decision on interest rates could set the tone for major cryptocurrencies such as BTC, ETH, and XRP in the upcoming weeks. Ruslan Lienkha, head of markets at YouHodler, remarked:
The cryptocurrency market mirrors a broader risk-averse sentiment. Bitcoin, after a strong first half, has shown signs of weakness and is currently trapped in a consolidation range. Other major altcoins, including Ethereum, Solana, and XRP, are exhibiting similar patterns.
XRP Targets $3.00 Resistance Level
The 4-hour XRP/USD chart remains bullish as XRP recovers from recent declines. Earlier this week, XRP found support around the daily level of $2.70. However, it faced rejection on Wednesday and declined on Thursday, once again testing the 100-day EMA at $2.77.
Currently, XRP has slightly rebounded and is trading at $2.84. If the $2.70 support holds, XRP may extend its recovery towards the 61.8% Fibonacci retracement level at $2.99 within the next few hours or days.
The RSI at 52 indicates that bearish momentum is fading, with MACD lines hovering near the neutral zone. For XRP to engage in a sustainable recovery, the RSI must remain above the 50 mark.
However, failure to close the daily candle above $2.77 could see XRP extend its decline toward the next support level at $2.70. This support level is crucial, as failing to maintain it could push XRP down to the $2.30 support for the first time since July.
John is a seasoned journalist at The Bothside News, specializing in balanced reporting across news, sports, business, and lifestyle. He believes in presenting multiple perspectives to help readers form informed opinions. His work embodies the publication’s philosophy that truth emerges from examining all sides of every story.
