The cryptocurrency market is currently recovering after a small decrease. Bitcoin is trying to rise above $99,000 and has increased by more than 1% in the past 24 hours. Cardano has increased by more than 9% in the past 24 hours, and Dogecoin has gained 4%. XRP has been following the market trend and is showing slight upward movement against Bitcoin. However, there are no major developments happening at the moment.
XRP is currently bouncing back from a support zone between $2.25 and $2.30. If the price stays above this level, it could continue to bounce back. However, if XRP’s price closes below $2.25, the next support level is between $1.95 and $2.05. On the upside, the resistance to watch is between $2.58 and $2.63. If XRP breaks above this zone, stronger resistance could be found around $3.20 to $3.30.
In terms of market sentiment, XRP is still experiencing a larger bearish divergence on the daily and 3-day charts. However, there is currently a short-term bullish divergence on the 8-hour chart, which has provided some relief from the downward trend. This relief could continue for a few more days, but it is important to note that it is not a full reversal into a bullish trend. The overall market still faces pressure in the longer term.
The ongoing legal battle with the SEC continues to be a major hurdle for XRP. Once this case is resolved, there could be a significant boost in XRP’s price as the positive momentum currently building up will likely surge all at once. If the SEC case is settled, XRP could make bigger moves in the future.
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