After Hitting a Low of $2.03, XRP Has Finally Bounced Back to the $2.10 Level, Showing a Gain of More Than 1%

After hitting a low of $2.03, XRP has finally bounced back to the $2.10 level, showing a gain of more than 1%. However, the cryptocurrency has struggled over the past week

After dropping to a low of $2.03, XRP has finally rebounded to reach the price level of $2.10, marking a rise of more than 1%. However, in the past week, the cryptocurrency has been struggling, closing in the red during six of the last seven daily trading sessions.

This weakness comes amid a broader slump in the crypto market, where falling prices and investor uncertainty have put pressure on most digital assets.

Currently, XRP's price chart shows a mix of bearish and bullish signals across different timeframes. On the 3-day chart, a strong bearish divergence remains active. This shows that although XRP's price has been moving, the momentum behind those moves is not as strong as it appears. The situation has not changed significantly in the last day, suggesting that bearish pressure is still present.

However, the 8-hour chart is displaying signs of a bullish divergence. While XRP's price has been hitting lower lows, the Relative Strength Index (RSI), a key momentum indicator, has been forming higher lows. This pattern suggests that despite the price declines, the underlying momentum is strengthening. A stronger bounce in the RSI over the next day would provide further confirmation of this potential reversal.

In the short term, we can expect to see XRP's price move sideways, with a slight bullish bias. According to past trends, such setups usually result in either small upward movements followed by periods of consolidation or, in optimal scenarios, more substantial bullish rallies.

It's important to note that XRP's price movements are closely linked to Bitcoin and the broader cryptocurrency market. Unless Bitcoin experiences a significant bullish breakout, XRP's potential for a major price increase seems limited in the immediate future.

The key support levels to watch are between $1.95 and $2.05, where we can expect to see buying interest emerge if the price drops to those levels. On the other hand, resistance is anticipated between $2.24 and $2.30, a zone where we usually see selling pressure heating up.