XRP is at a crucial point technically, as $1.65 serves as resistance for recovery attempts while other trend indicators stay bearish at the moment.
XRP, the original currency of Ripple’s international payment system, is a highly liquid, large-cap altcoin in today’s cryptocurrency market.
Since XRP’s price and general sentiment changes regarding the entire cryptocurrency market, it is very important to consider current technical indicators for XRP. At press time, the coin is trading at $1.48 with an decrease of 1.98 % over the past 24 hours.
Chart Structure Shows A Weak Recovery Momentum
According to the Trading View daily chart for the XRP, its price is currently around $1.49 after bouncing off the $1.41 support area. However, it is still below both the 50-day (~$1.81) and 200-day (~$2.37) moving averages, which indicates that the overall trend for XRP continues to be downward.
The $1.64–$1.65 region has changed from being a support area to being a resistance area, due to the multiple rejections at this price level, which suggests that it will remain as an immediate ceiling for the coin’s price going forward.
On-Balance Volume (OBV) has been declining, and OBV’s trend direction indicates that a distribution of the coin is taking place during the current price rebound.
Also Read: XRP Surges Toward $1.87 as Federal Reserve Signals Major Crypto Shift
Analyst Flags Gravestone Doji Risk
Crypto analyst Ali Charts on X identified that there is a monthly gravestone doji candle pattern forming in the XRP price chart.
Historically, the last time there was a gravestone doji pattern similar to the current one occurred just before the coin had a 46% decline, so there is a lot of caution surrounding the current market structure.
Although one individual candle is not enough to determine the change that has occurred, failure of the current candle to have a strong bullish close would support the bearish argument for it to continue downward.
In conclusion, Until $1.65 is regained with strength, downside potential to $1.41 and below remains. The next few days will show if this rebound turns into a reversal to the upside, or simply another temporary bounce within the larger corrective trend.