Key takeaways
- XRP is trading above $2.80 and could see further upside soon.
- Weakening bearish momentum suggests buyers are gradually regaining control of the market.
Technical indicators for XRP show easing bearish momentum
XRP, the native token of the Ripple ledger, gained just under 1% over the past 24 hours and is trading above $2.80. This modest advance comes amid signs that bearish momentum is fading.
Traders are also focused on the upcoming release of NFP data and the unemployment rate later in the day. The broader crypto market has been bullish in recent sessions but has lacked the momentum to push to fresh highs.
A key interest rate decision later this month could set the tone for BTC, ETH and XRP in the weeks ahead. Ruslan Lienkha, head of markets at YouHodler, noted:
The crypto market has mirrored the wider risk-off tone. Bitcoin, after a strong first half of the year, has shown signs of weakness and is currently rangebound. Other major altcoins, including Ethereum, Solana and XRP, are showing similar behavior.
XRP targets the $3.00 resistance level
The XRP/USD 4-hour chart remains constructive as XRP recovers from its recent pullback. Earlier this week XRP found support near its daily level at $2.70. The token faced rejection on Wednesday and dipped on Thursday, retesting the 100-day EMA around $2.77.
XRP has since edged higher and is trading at about $2.84. If $2.70 continues to hold as support, XRP could extend its recovery toward the 61.8% Fibonacci retracement level near $2.99 in the coming hours or days.
A 52 RSI indicates bearish momentum is easing, while MACD lines hover around neutral. For a sustained rally, XRP would need to keep the RSI above the 50 mark.
On the downside, failure to close the daily candle above $2.77 could see XRP extend its decline back toward the $2.70 support. That $2.70 level is critical; if it breaks, XRP could fall back to the next support near $2.30, a level not seen since July.