XRP News Today: XRP Trapped Between $2.75 Support and $2.97 Resistance Amid 10.0% Weekly Drop

XRP remains trapped within a defined price range as it stabilizes at $2.86, reflecting a 10.0% weekly decline. The cryptocurrency has formed a key consolidation pattern, with support around $2.75 and resistance near $2.97 acting as crucial boundaries [1]. These levels have become focal points for traders and analysts assessing the short-term trajectory of the asset.

The Relative Strength Index (RSI) currently reads 48.91, indicating a neutral market condition with no clear overbought or oversold signals [1]. Meanwhile, the Moving Average Convergence Divergence (MACD) presents a mixed outlook, showing a positive histogram of 785.03 million but also significant negative flows near -1.11 billion and -1.9 billion [1]. This divergence highlights the tug-of-war between buyers and sellers within the confined trading range.

Despite repeated attempts by bulls to break through the $2.97 resistance, the price has consistently faced rejection, reinforcing this level as a critical ceiling [1]. On the other hand, the $2.75 support has shown resilience, drawing consistent buying interest whenever XRP dipped below $2.86. This dynamic suggests a cautious stance among market participants, with traders closely watching how price interacts with these levels.

Some market observers remain optimistic about potential upward movement. One such voice, STEPH IS CRYPTO, expressed confidence in a possible rebound, stating “XRP PUMPING BACK UP,” based on the repeated testing of key levels [1]. However, the overall technical environment remains indecisive, and without a clear breakout from the current range, further volatility is unlikely.

XRP’s price relative to Bitcoin also shows a modest decline of 3.7%, currently valued at 0.00002512 BTC [1]. This correlation with Bitcoin underscores the broader sentiment affecting the cryptocurrency market. As long as the price remains within the defined support and resistance range, the asset is expected to continue trading sideways, with no immediate indication of a reversal in the current trend.

The consolidation phase has created uncertainty for short-term traders, but it has also provided a level of stability that could be favorable for long-term holders. Until XRP either breaks above $2.97 or falls below $2.75, the market is likely to remain in a state of balance, with neither bulls nor bears able to gain a definitive advantage.

Source: [1] XRP Stalls at $2.86 as Key Support and Resistance Levels Contain Price Movement (https://cryptonewsland.com/xrp-stalls-at-2-86-as-key-support-and-resistance-levels-contain-price-movement/)