The cryptocurrency market is undergoing a correction phase; Bitcoin is down to nearly $110K, Ethereum holds above $4.5K, and XRP is trading around $2.97 with bearish divergence on the weekly chart.
XRP's weekly chart shows bearish divergence between price and RSI, suggesting the risk of a larger correction even though a short-term rebound may occur if it breaks short-term resistance.
MAIN CONTENT
Global market capitalization reaches $3.87 trillion; Bitcoin risks retesting the $100K zone.
XRP shows bearish divergence on the weekly chart, signaling a warning about a deeper correction.
Short-term resistance and support levels will determine the rebound or continuation of the downtrend.
What is the overall picture of the cryptocurrency market currently?
Direct answer: Global market capitalization reaches $3.87 trillion; the overall market is diverging between Bitcoin, Ethereum, and altcoins like XRP.
Analysis: Total market cap at $3.87 trillion reflects large scale but is volatile. Bitcoin's drop to nearly $110K this week highlights psychological risk; meanwhile, declining dominance is allowing some altcoins to bounce slightly in the short term.
What is the situation with Bitcoin and Ethereum?
Direct answer: Bitcoin's drop to nearly $110K increases the risk of retesting $100K; Ethereum fluctuates but remains above $4.5K.
Analysis: Bitcoin's drop is the lowest in seven weeks, which could lead to additional selling pressure if it loses the psychological threshold of $100K. Ethereum experiences strong volatility but holds above $4.5K, indicating that basic demand still exists at this level.
What technical signals is XRP encountering on the weekly chart?
Direct answer: XRP is showing bearish divergence on the weekly chart, with price making higher highs while RSI makes lower highs, warning of potential weakness.
Analysis: Price-RSI divergence typically signals fading momentum, which may lead to a correction. Although divergence does not pinpoint the exact timing, history shows this phenomenon can last several weeks or months before concluding.
What is the likelihood of a short-term rebound for XRP?
Direct answer: A short-term rebound may occur due to Bitcoin's declining dominance and the bounce of altcoins, but it does not negate the divergence on the weekly chart.
Analysis: A short-term rebound could last a few days if buying pressure focuses around short-term resistance levels. However, if XRP cannot break through the key resistance zone, selling pressure will return and continue the sideways or deeper declining trend.
What are the key support and resistance levels for XRP?
Direct answer: Short-term resistance around $3.10, strong peak between $3.34 and $3.40; important support at $2.85–$2.90, followed by $2.75 and the $2.55–$2.62 zone.
Analysis: If XRP breaks and holds above $3.10, sentiment could improve and attract buying pressure. Conversely, dropping below the $2.55–$2.62 zone is a strong negative signal, potentially deepening the next decline and extending the accumulation or correction phase.
Name Current Price Recent Trend Key Support Key Resistance Bitcoin $110K Decrease, 7-week low ~ $100K (psychological level) Not specified in original content Ethereum $4.5K Volatile but holding above $4.5K Not specified Not specified XRP $2.97 Bearish divergence on the weekly chart $2.85–$2.90; $2.75; $2.55–$2.62 $3.10; $3.34–$3.40
Frequently Asked Questions
What does bearish divergence in XRP mean and what is its impact?
Bearish divergence occurs when price makes higher highs but RSI makes lower highs, signaling fading momentum and increasing the likelihood of correction or deeper declines in the future.
What happens if XRP exceeds $3.40?
If it exceeds the $3.34–$3.40 zone and holds, sentiment may turn positive, attracting short-term buying pressure; however, the current weekly divergence still needs time to lose its effectiveness.
What are the important support levels to watch for XRP?
The support levels to watch are $2.85–$2.90, $2.75, and $2.55–$2.62; breaking below $2.55–$2.62 could lead to a deeper decline.
What does Bitcoin's drop to nearly $110K mean for the overall market?
Bitcoin's volatility often affects market sentiment; a drop to nearly $110K increases the risk of retesting $100K and may put some altcoins under selling pressure.
Source: https://tintucbitcoin.com/du-bao-gia-xrp-ngay-28-8/
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