XRP Price Analysis: Double Rejection Sparks Uncertainty
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XRP's recent price action shows a double rejection at resistance levels near $2.65 and $2.57, signaling potential weakening of bullish momentum. Market analyst Andrew Griffiths highlights a concerning volume-price divergence; while XRP reached higher prices, trading volume decreased, suggesting fading market enthusiasm. This divergence casts doubt on the sustainability of the upward trend. Although the Relative Strength Index (RSI) indicates potential for further upward movement, Griffiths remains cautious due to the weak volume. He suggests a need for confirmation through increased buying volume or a sustained price increase. Failure to maintain current price levels could lead to a pullback to previous support zones around $2.37, offering a potential lower entry point for investors. Griffiths identifies $2.37 as a crucial short-term support level; holding above this could indicate consolidation or a continuation of the upward trend, while a breach suggests further downside risk. Overall, the market shows uncertainty, with neither bulls nor bears firmly in control. The situation calls for careful monitoring of volume and price action to determine XRP's next move.
(Source: https://www.newsbtc.com/analysis/xrp/xrp-makes-double-rejection/)
