Ripple’s XRP Update

Ripple’s XRP is currently down by more than 2%, trading at $2.43. Although short-term price bounces can occur, a major surge like the one at the end of 2024 seems unlikely for now.

Current Price Action: XRP Trading in a Sideways Range

In the short term, XRP is moving within a narrow price range. Support is found between $2.24 and $2.30, with further support between $1.95 and $2.05. Resistance levels range from $2.65 to $2.80, with a significant barrier around the $3 mark. The Relative Strength Index (RSI) recently showed overbought signals, indicating a potential short-term pullback, which has resulted in a slight dip in XRP’s price.

RSI Reset Offers Some Room for Upside

Following the recent pullback, the RSI has reset, providing more room for upward movement in the near term. However, strong resistance near $2.60 and $2.65 may hinder progress without additional momentum. Currently, XRP remains in a sideways range, lacking a clear direction amidst a neutral market state.

Bitcoin’s Role in XRP’s Short-Term Movement

Bitcoin’s performance significantly impacts the movements of other cryptocurrencies. If Bitcoin gains short-term relief and surpasses key resistance levels, XRP may follow suit. Conversely, should Bitcoin face a major decline, XRP is likely to experience a similar drop.

Conclusion: A Neutral Outlook for Now

Currently, XRP finds itself in a neutral phase with minor bullish activity, lacking momentum for significant upward movement. Although short-term bounces are feasible, considerable price shifts are improbable unless Bitcoin demonstrates a definitive breakout or downturn.