XRP is showing a mixed performance as it drops about 1% to $3.05, erasing previous gains.
Technical analysis shows signs of a bearish divergence lasting nearly two weeks, warning of potential imminent sharp corrections based on similar historical patterns.
MAIN CONTENT
XRP is currently experiencing a slight decline, losing recent short-term upward momentum.
The RSI bearish divergence pattern warns of weakening trends and the risk of a deep correction.
Important strong support lies around $2.90; below this level, the next bottom could be $2.55-$2.62.
What is the current mixed performance of XRP?
XRP slightly declined 1% to about $3.05, offsetting all gains from the previous few days. This is a clear indication of losing short-term momentum.
Some analysts have noticed a bearish divergence pattern between XRP prices and the RSI lasting nearly two weeks. This reflects a higher price range while the RSI makes lower highs, warning of a decrease in market momentum and the risk of a price correction soon.
A similar pattern occurred at the end of 2020 and the beginning of 2021, causing a sharp drop of 62% to 74% in the following months – a noteworthy warning signal for investors today.
What is the price forecast for XRP in the coming weeks?
If the bearish structure continues, XRP may trade sideways or gradually decline in the coming months. Local rallies may still occur, but the overall trend indicates weakening pressure.
The first key support level is in the range of $2.90-$3, with $2.90 considered an important defensive level. If this area is lost, XRP could further decline to the $2.75 area.
The next expected support level is around $2.55-$2.62 if selling pressure continues to increase, signaling deeper risks for the market.
What is the overall structure of XRP's larger price?
The broader price structure is also weak, as XRP had a strong rally earlier this year, then traded sideways and broke support. Currently, the price trend is repeating a concerning similar pattern.
Although XRP may still create short-term upward volatility, the current technical picture demands high caution. If buyers are not strong enough to reverse the downward trend, the market is likely to face further pressure before a sustainable recovery.
Caution is needed when observing the bearish divergence pattern on the XRP chart, as history shows that the potential consequence is a significant drop in the near future.
Cryptocurrency market analyst, 2024
Frequently Asked Questions
Can XRP rebound in the short term?
XRP still has the potential for a short-term breakout, but the current technical trend shows signs of weakening, requiring cautious monitoring of price movements.
What is the important support level for XRP currently?
The first key support level is around $2.90; below this level, $2.55-$2.62 will be the next support area.
What does the RSI divergence pattern indicate?
RSI divergence warns of losing bullish momentum, which often leads to corrections or deep price drops in financial asset markets.
Does XRP's historical volatility resemble previous periods?
The 2024 bearish divergence pattern is similar to the late 2020 – early 2021 period, which caused a significant price drop lasting several months afterward.
What should investors do when they see this technical signal from XRP?
Be cautious, consider capital protection, and avoid entering trades during unclear trends to reduce financial risk.
Source: https://tintucbitcoin.com/du-bao-gia-xrp-16-8/
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