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XRP (XRP/USDT) Faces Critical Resistance After Bullish Surge

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XRP (XRP/USDT) Faces Critical Resistance After Bullish Surge

In the past 24h, XRP against Tether has had a 6.27% decline in value. The fall matches with the 14.57% weekly drop, reflecting the market-wide risk aversion and technical breakdown with accelerating bearish momentum as $1.37 billion in crypto liquidation (90% long position) increases selling pressure.

As it stands, the pair is still fluctuating within the Bollinger bands, showing there was an initial rise before encountering a sharp decline, as the Stochastic RSI indicates more dip to come.

Currently, XRP trades at $2.2731, recording more than 126 million volumes on the daily chart.

XRP (XRP/USDT) Faces Critical Resistance After Bullish Surge
XRPUSDT-Daily Chart

Technical Indicators

Major Resistance Levels: $2.4342, $2.6872, and $2.8000

Major Support Levels: $2.2600, $2.2580, and $2.1000

Technical Analysis

Technically, XRP against Tether has been bearish for a while; the price of the pair appears to be heading to the lower band on the daily timeframe. This indicates the height of sell pressure in the market as the market fails to sustain the momentum around $2.70 in the previous session.

Meanwhile, it seems sentiment may shift soon as the Stochastic RSI projects into the deep oversold position. This suggests a bounce to the north may be recorded soon if the bulls rekindle their interest; otherwise, a fall below the current support may drive the price towards $2.1000 in the coming session.

As it stands, @Altcryptogems has opined that XRP appears to be struggling, confirming the formation of a lower high around $2.70. The analyst raises concerns of an impending move to a lower support level if the bulls fail to reclaim the $2.70 level.

XRP/USDT Analysis: Buyers Struggling as Sellers Dominate

On the 4-hour timeframe, XRP/USDT appears to be ending its downtrend amid expanding Bollinger Bands. However, the momentum oscillator suggests there might be a bounce soon, as the lines point to the north from the oversold region.

As it stands, the bulls need to reclaim the $2.3000 zone to show intention; otherwise, if bearish dominance extends beyond the current position, a move towards $2.6000 may suggest a continued downtrend.

XRP (XRP/USDT) Faces Critical Resistance After Bullish Surge
XRPUSDT-4H Chart

 

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