Based on the available data, the following technical analysis of the XRP price can be made for today:
========
Overall picture and current dynamics
Current price:
The price of XRP is currently fluctuating in the range of $2.90 to $3.034. Over the past day, there has been a significant decline, with the price dropping by 10.31%.
Market Sentiment:
Market sentiment towards XRP is mixed or even bearish, as the price has broken an important support level. Several analysts point out that this could lead to further declines.
Long-term perspective:
Despite short-term volatility, in the long term, according to some sources, XRP shows strong growth. For example, over the year, the price has increased by 410.64%, and over 5 years by 998.18%.
===========
Key technical indicators and levels
Support and Resistance Levels:
Support:
The price of XRP has broken through the "critical support zone" between $2.9599 and $2.9995. The next important support level is at $2.820, and if this is broken, then $2.7650 and $2.750.
Resistance:
The nearest resistance levels are around $2.90 and $2.950. If the price can hold above $3.00, it may pave the way for new highs. The next important resistance levels are $3.1576 and $3.3826, followed by the July peak at $3.6614.
Moving Averages:
XRP is trading below the 100-hour simple moving average (SMA) and 3.0320...... This is a bearish signal.
The price is trying to hold above the 55-day SMA, which is at $2.9020. This is an important level that could serve as a starting point for a bounce.
=======
Oscillators:
Relative Strength Index (RSI):
The 14-day RSI is at a neutral level around 51.2, indicating neither overbought nor oversold conditions. However, on the hourly chart, the RSI is below 50, indicating bearish pressure.
Convergence/Divergence of Moving Averages (MACD):
The MACD on the hourly chart of XRP/USD is in the "bearish zone" and gaining momentum, which strengthens the downward movement.
==========
Key Takeaways
Bearish divergence in the short and medium term: In the short term, XRP is under significant pressure. The break of an important support zone and negative dynamics in the MACD and RSI indicators indicate the possibility of further declines.
Bounce Potential:
Despite bearish signals, XRP is trying to find support at the 55-day SMA level. If the price can hold above $2.820, this could provide a foundation for a bullish bounce.
==========
Factors influencing the price:
An important positive factor is the recent settlement of the lawsuit between Ripple and the SEC. However, despite this, strong selling pressure and capital outflow to other projects, such as Remittix, create uncertainty for the XRP price.
==========
Warning: ❗️
This analysis is based on technical indicators and is not investment advice.
The cryptocurrency market is extremely volatile, and past performance does not guarantee future results.
Before making investment decisions, it is recommended to conduct your own fundamental analysis and assess all risks.
