Cryptocurrency Market Outlook

The cryptocurrency market is currently attempting to rebound, with the coming days being pivotal for determining its direction. Bitcoin and Ethereum are rallying off a significant Fibonacci level, while Solana exhibits short-term bullish divergence. Conversely, XRP is breaking out above a critical resistance zone.

Although XRP is facing bearish pressure, especially on the 3-day time frame, the chart indicates a significant bearish divergence, implying limited bullish momentum in the near term. Analyst Josh from Crypto World notes that this larger time frame signal suggests a major upward movement isn’t anticipated, though short-term bullish movements remain a possibility.

Recent Price Movements and Support Levels

XRP has recently bounced off essential support levels, particularly between $1.95 and $2.25. After struggling to break through a short-term resistance zone at $2.25 to $2.30, a confirmed breakout occurred, with the price closing above $2.30 on an 8-hour candle, hinting at a potential short-term bullish trend.

Resistance Levels to Watch

Next, XRP’s key resistance levels are predicted to be between $2.65 and $2.80. If the price continues rising, further resistance may appear near the $3 mark. Short-term resistance could also be observed around $2.50 and $2.38–$2.40, where previous support zones might now act as resistance.

Bitcoin’s Influence on XRP Price

To better forecast XRP’s price movements, monitoring Bitcoin’s price trends is essential. Should Bitcoin enjoy short-term bullish relief, XRP and numerous altcoins are likely to follow. In contrast, if Bitcoin’s price continues to drop, similar declines across major altcoins, including XRP, may be expected.