Ripple Price Analysis: XRP Hits Key Resistance at $2.4 – Is a Drop to $2 Next?
Ripple has enjoyed a bullish rally in recent weeks, but the momentum now appears to be fading as buyers confront a significant resistance level. Technical signals suggest that the market is entering a cooling-off phase, marked by consolidation and potential short-term retracement.
XRP Analysis
By Shayan
The Daily Chart
On the daily timeframe, XRP’s uptrend has been met with strong resistance around the $2.4 mark, which also coincides with the upper boundary of a prolonged descending wedge pattern near $2.6. This zone is proving to be a robust supply region, as evidenced by the market’s inability to maintain upward momentum.
Despite the prior bullish impulse, the lack of follow-through buying and momentum at this level has triggered a mild rejection. This suggests that the recent rally may have exhausted itself for now, as buyers fail to overcome this decisive resistance.
The result is likely to be a short-term consolidation phase below the $2.4 region. This kind of corrective behavior is not unusual after a strong advance — it allows the market to digest gains, reset indicators, and potentially attract new demand before attempting another breakout.
The 4-Hour Chart
Zooming into the 4-hour timeframe, technical weakness becomes more pronounced. XRP has been rejected at the $2.4 resistance, retracing lower shortly after failing to break through.
A bearish divergence has also formed between the price and the RSI, highlighting weakening momentum even as the price tested new highs. Most critically, Ripple has broken below a prior swing low, printing a lower low, often an early signal of trend exhaustion and a potential structure shift.
This confluence of factors points toward a high probability of a retracement toward the $2 psychological level in the near term. Should demand fail to re-enter around this zone, deeper corrections could follow. However, if buyers step in with conviction, this region may serve as a launchpad for another breakout attempt toward $2.6 and beyond.
The post Ripple Price Analysis: XRP Hits Key Resistance at $2.4 – Is a Drop to $2 Next? appeared first on CryptoPotato.
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Ripple Price Analysis: XRP Hits Key Resistance at $2.4 – Is a Drop to $2 Next?
Ripple has enjoyed a bullish rally in recent weeks, but the momentum now appears to be fading as buyers confront a significant resistance level. Technical signals suggest that the market is entering a cooling-off phase, marked by consolidation and potential short-term retracement.
XRP Analysis
By Shayan
The Daily Chart
On the daily timeframe, XRP’s uptrend has been met with strong resistance around the $2.4 mark, which also coincides with the upper boundary of a prolonged descending wedge pattern near $2.6. This zone is proving to be a robust supply region, as evidenced by the market’s inability to maintain upward momentum.
Despite the prior bullish impulse, the lack of follow-through buying and momentum at this level has triggered a mild rejection. This suggests that the recent rally may have exhausted itself for now, as buyers fail to overcome this decisive resistance.
The result is likely to be a short-term consolidation phase below the $2.4 region. This kind of corrective behavior is not unusual after a strong advance — it allows the market to digest gains, reset indicators, and potentially attract new demand before attempting another breakout.
The 4-Hour Chart
Zooming into the 4-hour timeframe, technical weakness becomes more pronounced. XRP has been rejected at the $2.4 resistance, retracing lower shortly after failing to break through.
A bearish divergence has also formed between the price and the RSI, highlighting weakening momentum even as the price tested new highs. Most critically, Ripple has broken below a prior swing low, printing a lower low, often an early signal of trend exhaustion and a potential structure shift.
This confluence of factors points toward a high probability of a retracement toward the $2 psychological level in the near term. Should demand fail to re-enter around this zone, deeper corrections could follow. However, if buyers step in with conviction, this region may serve as a launchpad for another breakout attempt toward $2.6 and beyond.
The post Ripple Price Analysis: XRP Hits Key Resistance at $2.4 – Is a Drop to $2 Next? appeared first on CryptoPotato.
Read More