XRP is facing bearish pressure as bearish signals on the weekly and daily charts continue to form.
This token is at risk of confirming a significant bearish divergence on the weekly frame, a pattern that previously led to sharp declines. However, XRP just increased by 7%, trading around 2.99 USD.
MAIN CONTENT
The weekly chart of XRP warns of significant bearish divergence, which has previously led to price declines of 60%–70%.
On the daily chart, XRP is testing the important price range of 2.90–3.00 USD, deciding the upcoming trend.
The current price structure is similar to the early 2025 correction, forecasting a potential prolonged downward trend.
What warning signals does the weekly chart of XRP emit?
The weekly chart of XRP shows bearish divergence as the price sets new highs while the RSI creates lower highs.
Bearish divergence is a technical signal warning of increasing selling pressure. From late 2020 to mid-2021, this pattern appeared and led to XRP's price dropping by 60%–70% in 3 months. Despite several recoveries, the overall trend was deep decline.
If the current weekly candle confirms the divergence pattern, the likelihood of the market continuing to correct in the next 1–2 months is very high.
XRP fell sharply when a bearish divergence appeared on the weekly chart during the 2020–2021 period, indicating that this technical signal should be considered in trend forecasting.
Analyst's Commentary, 2024
Which price levels is XRP's daily chart testing?
On the daily chart, XRP is testing the key price range from 2.90 to 3.00 USD.
This area previously played a significant role as support and resistance. Holding or breaking this level will determine the next upward or downward momentum.
If XRP cannot break through 3.00 USD and forms a bearish candle, selling pressure may be triggered, and traders might consider short selling. Conversely, breaking the solid 3.00 USD level will open up bullish opportunities towards 3.15–3.20 USD, even heading to the next resistance at 3.40 USD.
What similarities does XRP's current price structure have with the early 2025 period?
XRP's recent price movements are similar to the correction from January to April 2025, when the price fell below key support levels after strong growth at the beginning of the year.
Although there have been short-term recoveries, the overall trend at that time was still downward. The current scenario could repeat, with alternating recoveries but prolonged downward pressure.
How XRP operates around the 2.90–3.00 USD range will be very important. Rejecting this level could lead to deeper declines, while holding it will delay selling pressure.
"Whether XRP holds or loses the important price area will determine its next path. This is a warning for investors to be more cautious in the near future."
Cryptocurrency market analyst, 2024
Frequently Asked Questions
Can XRP rise above 3 USD?
XRP could rise above 3 USD if it maintains this level, stimulating upward momentum towards 3.15–3.20 USD and 3.40 USD afterwards.
How does the bearish divergence signal on the weekly chart affect XRP's price?
Bearish divergence is a warning that the downward trend may continue for 1–2 months, which has caused significant losses in the past.
What stage of correction is XRP currently in?
The chart shows that XRP is in a correction similar to the early 2025 period, with a downward trend but short recovery phases.
What should investors do when XRP tests the price range of 2.90–3.00 USD?
It is necessary to closely monitor price reactions in this area to decide on buying or selling strategies, avoiding risks from strong volatility.
How long will selling pressure on XRP last?
Selling pressure may last for 1–2 months, depending on whether the bearish divergence pattern is fully confirmed.
Source: https://tintucbitcoin.com/du-bao-gia-xrp-ngay-4-8/
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