- XRP holds firm above key support, maintaining a bullish structure despite recent weakness.
- Analysts see favorable buying zones with potential rebound if a bullish candlestick forms soon.
- Intraday volatility rises with a break above $2.55, signaling possible upside toward the $2.75 target.
XRP remains steady just above a primary support level corresponding to the bullish trendline. According to analysts, this region represents a favorable buying opportunity even though the coin weakened later. Bitcoin’s broader market trend would largely dictate the asset’s next significant movement.
At the time of writing, XRP is trading at $2.40, with a 24-hour trading volume of $8.09 billion and a market capitalization of $144.75 billion. The token has dropped 1.09% over the last 24 hours, showing mild weakness after a strong recent run.
XRP Strengthens As Bullish Trendline Holds
Prominent crypto analyst, BATMAN, observed that the token is presently holding around the erstwhile resistance area, which has now developed into support. This convergence along the current bullish trendline indicates that the token could be holding a base in a bullish buying area.
XRP Awaits Breakout as Bitcoin Dominates
Adding to that view, another analyst, CRYPROWZRD, noted the continued position of XRP within the inside bar formation, a sign of future volatility to come. He noted the importance of observing the lower time frames to prepare for the next movement, due to stronger price action within the region of $2.30 and the support zone of $2.03.
The daily candle closed slightly bearish, and the XRP/BTC pair remained unclear. In the view of CRYPROWZRD, the next action of the token relative to Bitcoin will be Bitcoin dominance. If Bitcoin dominance declines, the price of the XRP/BTC pair could get a push to rise. Now, the price action of the XRP remains largely the same as the direction of Bitcoin.
In the short term, the coin remains weak, but technically, the token still has the ability to go higher should a bullish candlestick form today. An explosive rebound should push prices upwards towards the resistance of $2.75, and sideways action in Bitcoin should dictate token trade within today’s range.
Also Read | Dogecoin Price Surges 5% as Whale Accumulation Signals Bullish Reversal Toward $0.86
XRP Shows Strong Intraday Momentum
In the intraday, market action was volatile. CRYPROWZRD noted that holding above $2.55 would be bullish and would include the possibilities of continuation upwards. However, prolonged Bitcoin weakness would bring the price of the token nearer to the support region of $2.30. He intends to watch short-term shape formations for fast trades come the next sessions.
Also Read | Chainlink (LINK) Consolidates: 3 Indicators Shaping Its Next Move
