$XRP Ripple is currently down more than two percent and is trading below the critical level of $2.40. For XRP to maintain upward momentum, it must hold above the current support level, particularly the $2.29 mark.
Remember that XRP, like many other large altcoins, often follows the price action of Bitcoin. If Bitcoin experiences a short-term recovery, we may see similar movements in altcoins like XRP.
Is there a possibility of a slowdown or slight pullback ahead?
Although bearish divergence may signal a pullback, it does not always lead to a significant decline. Sometimes, it results in a slight slowdown, such as the current resistance level around $2.50.
With XRP approaching a critical resistance point and flashing this warning sign, this is not the best time to open new buy positions. In fact, it may be a good idea to lock in some profits from current positions right now.
Support and resistance levels
The price is also facing resistance at $2.70 and $2.63. Pivot points indicate additional resistance at $2.58 and $2.53, with some stagnation observed in the 3-10 day moving average crossover and raw stochastic levels at 80% and 70%.
The price has crossed the 18-day moving average at $2.41 and the 38.2% retracement from the 4-week high of $2.41. Additional support is found at $2.40 (first support point) and $2.35 (second support point), with a 50% retracement from the 4-week high/low at $2.31. The 9-day moving average also stops at $2.33.
The next support levels appear at $2.27 and $2.19, where the price crosses the 9-day moving average. Deeper support is found at $2.20 and $2.11, with raw stochastic levels indicating an oversold condition at 20%.
