Ripple’s XRP price has been trending downward recently, following the overall crypto market trend. Notably, Bitcoin is holding up better than many other altcoins, including XRP. With Bitcoin’s dominance strong, other cryptocurrencies like XRP are experiencing difficulty keeping pace. .
As Bitcoin fluctuates or retraces, it puts pressure on other cryptocurrencies, causing short-term dips. Currently, XRP is in a cooling phase with a slight pullback.
XRP is currently stuck between a support level around $2.30 and resistance at roughly $2.34 to $2.35. If the price manages to break through $2.35 with a strong daily candle close, it could move towards the next resistance zone between $2.43 and $2.44.
Beyond that, there’s a major resistance zone waiting between $2.55 and $2.62. On the flip side, if XRP fails to hold above $2.30, the next crucial support level to watch is in the $2.10 to $2.15 range.
**Potential Bullish Signal? **
An interesting development on the 6-hour chart shows a possible bullish divergence. While the price has been making lower lows, the RSI (Relative Strength Index) has shown slightly higher lows, which is often an early sign of a potential price bounce. However, it’s not confirmed just yet. Traders would need to see the price hold steady and start trending upwards alongside a rising RSI to take it seriously.
For now, Bitcoin’s short-term cooldown is impacting XRP’s momentum even if this bullish divergence plays out. Even if the price bounces, a significant increase may only occur when Bitcoin stabilizes or starts climbing again.
**What Needs to Happen Next**
A deeper pullback isn’t necessarily bad for XRP. If the price drops to around $2.00 and finds solid support there, it could set up a major bullish pattern on the daily chart – an inverse head and shoulders pattern. This is typically a sign of a coming reversal to the upside.
However, for this setup to be confirmed, XRP would need to pull back to the $2.00 area, bounce back towards the $2.60 zone, and then break above $2.62 with strong daily candle closes. Until then, it remains a potential but unconfirmed scenario.