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XRP (XRP/USDT) Pauses Bullish Rally, Suggests Caution

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XRP (XRP/USDT) Pauses Bullish Rally, Suggests Caution

XRP Weekly Analysis: Ranging

In recent times, XRP against Tether has surged from the lows in the early part of 2024, reaching an impressive high around $3.400. However, the pair appears to be pulling back, indicating caution in the current market setup.

Over the last few weeks, XRP has experienced significant volatility, which can be seen in the sharp price movement before oscillating at the current price level. To this end, this tight range-bound movement may attract many scalpers, while long-term traders might wait for a clear breakout direction.

Currently, XRP trades at $2.9974 with over 40 million traded volumes for the week.

XRP (XRP/USDT) Pauses Bullish Rally, Suggests Caution
XRPUSDT-Weekly Chart

Technical Indicators

Major Resistance Levels: $3.100, $3.250, and $3.500

Major Support Levels: $2.850, $2.750, and $2.500

XRP Technical Analysis

Technically, XRP against Tether has been consolidating on the weekly timeframe, moving within the $2.900 and $3.000 range with no clues as to which direction the intended breakout will be. However, the Guppy Multiple Moving Averages (GMMA) shows the pair still maintains its bullish structure.

On one side, the narrowing gaps within the sets of EMAs suggest bullish momentum might be losing steam, and on the other, the curvature of the lines of the Stochastic RSI suggests the pair might be set for an upside move in the coming sessions.

To this end, if the price can break above $3.10 in the current session, a move towards $3.800 might be recorded soon; otherwise, a further break below the immediate support level might indicate further corrections.

XRP’s Next Target

XRP has been known for a profound consolidation move before major rallies. However, the pair appears to have tested $3.400 in the recent trading sessions and is now correcting below. This suggests two possible scenarios might play out.

The first one shows the pair has shown a rounded bottom at the current level for a move towards $4.30 after breaking above $3.40 in the coming session. Another possibility is for the pair to form a series of lower highs and lows before making plans for a move to the north.

In summary, XRP/USDT is currently consolidating with potential for a bullish breakout if it holds above $2.850 and clears $3.100, but a move below $2.850 would indicate further downside risk. The market’s next direction hinges on whether these key support and resistance levels are breached.

XRPUSDT Daily Analysis: Where from Here?

On the daily timeframe, XRP/USDT appears to be consolidating, showing a short-term exhaustion around the $3.000 level. However, the pair’s bullish structure is still intact, as indicated by the GMMA, with the Stochastic RSI signaling bearish pressure is waning, and $3.100 might be the point for a bullish breakout.

XRP (XRP/USDT) Pauses Bullish Rally, Suggests Caution
XRPUSDT-Daily Chart

Moreover, @cryptoking4ever feels confident, suggesting manipulation and accumulation are done, and expansion may be next, as the analyst says XRP is heating up with institutions stepping in despite the pair’s present state.

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