Key Takeaways
- XRP is trading above $2.80 and may see further increases soon.
- A slowdown in bearish momentum suggests that buyers are gradually regaining market control.
Technical Indicators Reflect Bearish Momentum Decay
XRP, the native coin of the Ripple blockchain, has seen a modest increase of less than 1% over the past 24 hours, currently trading above $2.80. This positive trend coincides with a noticeable easing of bearish momentum in the market.
Attention shifts to upcoming NFP data and unemployment rates expected later today. The cryptocurrency market has exhibited bullish trends in recent days but lacks the necessary momentum to reach new highs.
With the interest rate decision looming later this month, significant implications for BTC, ETH, and XRP could unfold in the forthcoming weeks. Ruslan Lienkha, head of markets at YouHodler, comments:
The cryptocurrency market reflects a broader risk-averse sentiment. Bitcoin, after a strong first half, has shown signs of weakness, trapped within a consolidation range. Other major altcoins, including Ethereum, Solana, and XRP, are demonstrating similar behavior.
XRP Aims for $3 Resistance Level
The XRP/USD 4-hour chart remains bullish as XRP recovers from its recent decline. Earlier this week, XRP found support around the $2.70 daily level. However, it faced a rejection on Wednesday, leading to a drop on Thursday, where it again tested the 100-day EMA at $2.77.
Currently, the native coin of Ripple has slightly rebounded, trading at $2.84. If the $2.70 support holds, XRP may extend its recovery towards the 61.8% Fibonacci retracement level of $2.99 in the hours or days ahead.
The RSI at 52 indicates that bearish momentum is fading, with MACD lines hovering around neutral territory. For XRP to engage in a sustainable recovery, the RSI must remain above the 50 mark.
However, failure to close the daily candle above $2.77 could see XRP extend its drop towards the next support at $2.70. This support level is crucial, as any breach could lead XRP to test the $2.30 support level for the first time since July.
