XRP is currently consolidating after a bounce and is struggling around a critical resistance zone. Although XRP was able to move up from the support level, the overall trend remains weak. The coming days will depend on key support levels and how well XRP performs against BTC.
At the time of writing, XRP is trading at $2.19, with a 24-hour trading volume of $9.35 billion and a market capitalization of $135.89 billion. The token has slipped 1.35% over the last 24 hours, indicating that sellers remain active near key levels.
XRP Tests Major Descending Resistance
Popular cryptocurrency analyst, GainMuse, has pointed out the big descending resistance level that XRP is moving into. While the cryptocurrency has experienced a nice bounce off a long-term support line, the outlook is still bearish.
The chart still retains its broader dovish outlook with signs of repeated breakdowns at triangles as well as clear signs of rejections. This can imply that the recent reversal may not lead to an upside breakout.
XRP Price Follows Bitcoin Dominance
Another analyst, CRYPTOWZRD, highlighted that XRP ended the day with a slightly bearish bias but suggested that the XRP/BTC trading pair would be essential in the following day’s trading.
He stated that remaining above $2.2770 is still in a positive region, but suggested that breaking this level might lead to further selling pressures. Today’s daily candles of both XRP and the XRP/BTC trading pair ended with a slight deterioration after the gain in the previous day.
Further analyzing the charts, it looks like XRP/BTC is forming a double top pattern, which is known to result in a short-term downtrend. Bitcoin Dominance is expected to be the catalyst for the next market movement.
When XRP/BTC begins to move up towards the ceiling of its pattern, it might be conducive for XRP to strengthen. For the short term, XRP is holding above the resistance level of $2.2700, which might be stable for a few days unless Bitcoin moves up.
Also Read | XRP Eyes $2.65 After Strong Recovery, $2.27 Becomes Critical Support
XRP Faces Key Intraday Resistance
There has been quite high volatility in the short-term price movements, but sharp movements are still expected. If it remains above $2.2770 on an intraday basis, there would be possibilities to move towards $2.4080 or above. A breakdown below $2.2770 might lead to more falls. The next break might emerge when there is some clearer chart formation.
Also Read | XRP’s 32% Surge Faces a Stark Technical Warning
