XRP Price Analysis: Bullish Divergence or Deeper Correction?
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XRP's price is weakening across multiple timeframes, raising concerns among traders. Analyst Gowanus Monster observes a bearish Descending Triangle formation on various charts, suggesting a potential drop to $1.90. However, a higher low within this channel could signal a bullish breakout, defying the bearish trend. The weekly chart shows a similar pattern, with the crucial factor being whether a rebound from the upper boundary reaches the lower boundary. Failure to do so could precede a bullish rally. Conversely, analyst GemXBT highlights a short-term downtrend, with XRP trading below key moving averages (5, 10, and 20-period), a classic sign of bearish momentum. The RSI has entered the oversold zone, hinting at a possible reversal or consolidation. However, the MACD remains below the signal line, suggesting persistent downside pressure. Key support is identified around $2.15, while resistance lies near $2.25. Increased trading volume adds volatility, potentially accelerating a breakdown if support fails or fueling a recovery if sentiment shifts. The conflicting analyses highlight the uncertainty surrounding XRP's immediate future, with both bullish divergence and a deeper correction remaining possibilities.
(Source: https://www.newsbtc.com/analysis/xrp/xrp-multi-timeframe-breakdown/)
