XRP has been experiencing fluctuating price action recently. Currently trading at around $2.50, XRP saw a major drop after an initial price spike. However, it’s now back on an upward trajectory, hinting at a potential bullish trend. This movement suggests that XRP is following a slow, steady climb, with hopes of developing into a larger upward pattern. Analysts are watching for the possibility of an extended bull run, similar to what occurred in 2021.
Since the U.S. election, XRP has surged by 375%. The altcoin is significantly outperforming the broader market, with increasing interest from new buyers, as active XRP wallets have jumped by 620% in the past week.
The market’s fear and greed index is improving, moving up to 30, signaling a shift toward a more optimistic outlook. Bitcoin dominance remains steady at 60%, and the overall market cap has risen to $3 trillion, with altcoins also gaining momentum.
Bearish Divergence on 3-Day Chart
According to analyst Josh of Crypto World, XRP continues to show a bearish divergence on the 3-day timeframe. This suggests that while short-term movements may fluctuate, we shouldn’t expect any major bullish momentum similar to the rise seen in November last year.
Short-Term Support and Resistance Levels
XRP is bouncing from a key support area between $2.25 to $2.30. The next resistance levels to watch are between $2.65 and $2.80, with additional resistance at $3 and $3.20.
RSI Indicators and Market Movement
The RSI has recently bounced into overbought territory, but has since reset after a pullback. At the moment, the RSI is neutral, which suggests that XRP’s price may remain in a sideways range for the short term. If Bitcoin and other major altcoins stay neutral, XRP is likely to follow suit with some choppy price action.
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