XRP is showing some upward movement, but will it last? Let’s dive into the charts.
Short-Term Bullish Signals, But…
The 4-hour chart shows XRP climbing, with buyers active around key support levels. It’s creating higher lows, a positive sign. However, experts are cautious. The price action is starting to resemble a rising wedge, a pattern often followed by a sharp drop. Plus, momentum is weakening, the MACD is flattening, and trading volume is decreasing – all red flags suggesting the rally might be fizzling out.
Key Resistance at $2.35
The big hurdle is $2.35. If XRP can’t break through, it could fall back to around $2.25, which might act as support, or the correction could be deeper. A strong push above $2.35, however, with increased volume, could send the price soaring towards $2.50. Daily charts show two consecutive green candles, suggesting continued buyer interest. Technical indicators point to potential breakouts above levels last seen in May ($2.33 and $2.47), potentially leading to a bigger rally.
Support Levels and the Next Battleground
Looking at the 2-hour chart, a descending trendline is acting as resistance. Recent attempts to break through have failed, leading to a pullback. The price may retest the $2.15-$2.18 support zone. If this holds, with strong buyer activity (wick rejection candles), it could signal the end of selling pressure. The next target would then be $2.34-$2.35, where the descending trendline resistance awaits – setting the stage for another showdown between buyers and sellers.