- Ripple’s legal turmoil against the SEC has wiped away some market value from XRP during its current price downturn.
- XRP bears dominance in the market according to technical indicators which indicate that it could soon reach oversold conditions.
- A bull-run seems likely after resistance breaks when higher lows pair with this symmetrical triangle pattern.
The XRP community has spotted a major sign that the four-year-long lawsuit between Ripple and the U.S. SEC may soon come to an end. The news speculation has caused a decline in XRP price. The current resistance area, sitting between $2.55 ,$2.59 and $2.60, has shown strong rejection multiple times, preventing upward price movement above it. Despite these rejections, there has not been a major shift towards bearish momentum, indicating that the market lacks clear direction.
XRP’s current market performance indicates a price of $2.49, which has dropped by 2.9% in the last 24 hours.The visual indicator bar shows that XRP is closer to its lower support level ($2.45) than its upper resistance level ($2.59), signaling potential downward pressure.
XRP Eyes Key Resistance: Will It Break $2.77?
According to analyst DefendDark ,XRP has reached a pivotal moment as it approaches the key resistance level of $2.6052. Should XRP break above this threshold and sustain a move beyond $2.77, it could signal the continuation of the second leg in its broader bullish structure. However, failure to maintain momentum could result in a retest of key support levels.
Recent price action has demonstrated that XRP is forming higher lows, suggesting a buildup in buying pressure. This pattern, visible on the four-hour chart, indicates a potential breakout. A well-established support level at $2.33 offers a foundation for price stability, while resistance levels at $2.60 and $2.85 present immediate hurdles. A breakthrough beyond these levels could open the path toward a long-term target near $5.85.
The market structure also reveals a symmetrical triangle pattern, often a precursor to significant price movement. The apex of this formation is tightening, meaning a breakout is imminent. Given the higher lows, the bias leans towards a potential upward breakout.
Technical Indicators Signal Sustained Selling Pressure on XRP
The current XRP technical indicators present a bearish outlook, as indicated by both the MACD and RSI indicators. The MACD line is currently below the signal line, with histogram bars showing negative momentum, signaling sustained selling pressure. Additionally, the RSI is currently at 34.63, approaching the oversold territory which could suggest a potential price reversal if buying interest increases.
