$XRP XRP/USDT Daily Chart Analysis: Overextended Rally with Imminent Correction

Market Overview:

• Last Price: $2.4621 (+7.23%)

• 24H High: $2.4977 – Momentum slowing near peak.

• 24H Volume: $1.52B – Reflecting strong speculative interest.

Key Indicators:

1. Moving Averages:

• MA(5): $2.0100 – Strong upward trend but risk of pullback.

• MA(50): $0.8808 – Extreme deviation from the baseline suggests overbought conditions.

2. RSI Levels:

• RSI(6): 97.07 – Highly overbought, indicating exhaustion.

• RSI(12): 94.57 – Aligning with potential correction zone.

3. MACD:

• Strong bullish momentum; however, divergence from price indicates a potential reversal.

4. OBV:

• Volume heavily skewed toward buyers; caution needed as a shift could trigger liquidation.

Support & Resistance Levels:

• Immediate Resistance: $2.50 – Key psychological barrier.

• Key Support 1: $2.20 – First zone for potential retest.

• Key Support 2: $1.80 – A stronger base aligning with prior consolidation.

Swing Traders’ Strategy:

• Short Entry: Around $2.45–$2.50 for speculative reversal.

• Target 1: $2.20.

• Target 2: $1.80.

• Stop-Loss: $2.60 (to avoid extended breakout risk).

Summary:

XRP has rallied aggressively, breaking key levels, but technical indicators suggest the price is overextended. Swing traders should prepare for a retracement and monitor support levels for signs of reversal. Tight stop-loss placement is essential in this volatile environment.