Key takeaways
- XRP is trading above $2.80 and could rally higher soon.
- The fading bearish momentum suggests that buyers are slowly regaining control of the market.
XRP’s technical indicators show fading bearish momentum
XRP, the native coin of the Ripple blockchain, is up by less than 1% in the last 24 hours and is now trading above $2.80. The positive performance comes amid fading bearish momentum.
It also comes as traders focus their attention on the NFP and unemployment rate data release later today. The crypto market has been bullish over the last few days, but lacked the momentum to push to new highs.
However, the interest rate decision later this month could set the tone for BTC, ETH, and XRP in the coming weeks. Ruslan Lienkha, Chief of Markets at YouHodler, stated that,
The cryptocurrency market has mirrored the broader risk-off tone. Bitcoin, after a strong first half of the year, has shown signs of weakness and is currently locked in a consolidation range. Other major altcoins, including Ethereum, Solana, and XRP, are displaying similar behavior.
XRP targets the $3.0 resistance level
The XRP/USD 4-hour chart remains bullish and efficient as XRP recovers from its recent dip. XRP found support around its daily level at $2.70 earlier this week. However, it faced a rejection on Wednesday and declined on Thursday, firmly retesting the 100-day EMA at $2.77.
The Ripple native coin has now slightly recovered and is trading at $2.84 per coin. If the $2.70 support continues to hold, XRP could extend its recovery towards the 61.8% Fibonacci retracement level at $2.99 over the next few hours or days.
The RSI of 52 shows that the bearish momentum is fading, with the MACD lines also around the neutral zone. For XRP to embark on a sustainable recovery, the RSI needs to stay above the 50 mark.
However, failure to close the daily candle above $2.77 could see XRP extend its decline towards the next support at $2.70. The $2.70 support should hold, as failure to do so could see XRP hit the $2.3 support level for the first time since July.
