Key Takeaways
- XRP is trading above $2.80 and may experience further gains soon.
- A slowdown in bearish momentum indicates that buyers are gradually regaining control of the market.
Technical Indicators Show Weakened Bearish Momentum for XRP
XRP, the native coin of the Ripple blockchain, has seen an increase of less than 1% over the past 24 hours, trading now above $2.80. This upward movement comes amid a reduction in bearish momentum.
Traders are also focusing on upcoming Non-Farm Payroll (NFP) data and unemployment rates scheduled for release later today. The cryptocurrency market has shown bullish trends in recent days but lacks the momentum to reach new highs.
Furthermore, the interest rate decision later this month could set the tone for BTC, ETH, and XRP in the coming weeks. Ruslan Lienkha, Head of Markets at YouHodler, commented:
The cryptocurrency market reflects a broader risk-averse sentiment. Bitcoin, after a strong first half, has shown signs of weakness and is currently trapped in a consolidation range. Other major altcoins, including Ethereum, Solana, and XRP, are exhibiting similar behavior.
XRP Targets Resistance Level at $3.00
The XRP/USD 4-hour chart remains bullish as XRP recovers from its recent decline. Earlier this week, XRP found support at around the daily level of $2.70.
However, it encountered rejection on Wednesday and dropped on Thursday, firmly testing the 100-day EMA at $2.77.
Currently, the Ripple native coin has slightly rebounded and is trading at $2.84. If the support at $2.70 holds, XRP could extend its recovery towards the 61.8% Fibonacci retracement level at $2.99 in the coming hours or days.
The RSI reading of 52 indicates a waning bearish momentum, with MACD lines also positioned around the neutral zone. For XRP to maintain a sustained recovery, the RSI must stay above the 50 mark.
Nevertheless, a failure to close the daily candle above $2.77 may lead XRP to extend its decline towards the next support level at $2.70. This level must hold; otherwise, XRP could hit the support level of $2.30 for the first time since July.
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