Ripple’s XRP is currently trying to bounce back over important resistance levels. The Altcoin has won more than 1% over the past 24 hours and is now trying to climb over $ 2.30. However, an analyst has warned that XRP is still in the middle of a bearish divergence, a pattern that has been developing for months.
Despite a few short -term bounces and signals of over -sold circumstances that offer small support, there has been no indication of a large bullish rally for XRP.
Excellent and resistance levels in the short term
Looking at the 8-hour graph of XRP, the price recently tested an area that used to be resistance, which now acts as support in the range of $ 2.25 to $ 2.30. Although there was a slight dip lower than $ 2.25 and reached $ 2.23- $ 2.24, the price still tries to maintain this level of support. If the price starts to reject this area and it goes back in resistance, the further downward movement can see. In that case, the next support zone is between $ 1.95 and $ 2.05.
For the time being, XRP will remain supported around $ 2.25 to $ 2.30. If there is still a bounce in this range, resistance is expected slightly less than $ 2.50, with a stronger resistance between $ 2.65 and $ 2.80. However, it is important to manage expectations and not to anticipate a large outbreak in both directions in the near future.
Sideways Price promotion: a period of consolidation
In the past month, XRP got stuck within a lateral price range, bouncing between support and resistance without a clear momentum. This type of price action often leads to a sense of stagnation, which means that many traders lose interest and leave the market. However, it is usually during such consolidation dios that the most valuable opportunities often occur. Historically, these silent phases are followed by more large price movements.
Credit : coinpedia.org
