XRP and the broader cryptocurrency market have moved sideways over the past few days. Despite the widespread sentiment, XRP holds key support levels, which could see it resume an uptrend.
XRP was trading at $2.24 at the time of writing after a 0.6% dip in the last 24 hours. Analyst Brett on X notes that XRP’s price movements have seen the coin break out of a symmetrical triangle pattern.
If the bulls continue to dominate the price movement, XRP will likely continue to soar, with the next key levels to watch being between $3.62 and $4.3 per analyst. A rally beyond this breakout point could see XRP aiming for $5.73.
XRP Price Hints at a Possible Bullish Divergence
XRP’s technical indicators are currently showing a bullish divergence. Amid the recent drop in price, some traders took advantage of the low prices to accumulate more.
The Stochastic Relative Strength Index (RSI) line has sharply moved north and crossed above the signal line. This hints at possible gains ahead if bulls continue to overpower bears.
However, the RSI is at 46, showing that sellers still have the upper hand and are inhibiting the price action. For the uptrend to resume, buying pressure needs to build up.
The Awesome Oscillator also proves the bullish divergence. The AO histogram bars have flipped positive but remain in negative territory. The indicator shows that while XRP shows signs of a reversal, more buyers are needed to confirm the uptrend.
Traders should also watch out for the crucial support level at $2.2 A slip below it could stir panic and cause XRP to drop lower.
Data from Whale Alert shows that many XRP tokens from the Ripple ecosystem have been on the move.
The transfers have stirred uncertainty, and whales are preparing to sell. Per Whale Alert, a well-known whale has just moved $11M worth of XRP to the Bitstamp exchange.
Nevertheless, this bearish sentiment has not deterred institutional interest in XRP.
