XRP posted a 1.38% price gain in the past 24 hours amid Bitcoin’s recovery above the $90,000 level, despite a 0.85% weekly decline per CoinMarketCap data. This short-term bounce reflects broader market movements rather than sustained XRP demand.
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XRP up 1.38% daily but down 0.85% weekly, signaling no short-term trend per CoinMarketCap.
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Long-term holders realizing profits with Spot ETF inflows slowing, according to an COINOTAG report.
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Bearish structure evident from October moving average crossover and On-Balance Volume failing to hit new highs.
XRP price bounce amid bearish trend: 1.38% daily gain tied to Bitcoin’s $90K surge. Examine charts, supports at $1.90-$1.61, and trader strategies. Monitor Ripple XRP for breakout cues now.
What caused the recent XRP price bounce?
XRP price bounce in the last 24 hours, registering a 1.38% increase, stems primarily from Bitcoin’s rebound above the $90,000 psychological resistance level. Pro-crypto lawyer Bill Morgan highlighted this connection, noting market-wide effects. Despite this lift, XRP remains down 0.85% over the week according to CoinMarketCap data, underscoring persistent short-term weakness.
Will XRP experience a bullish trend reversal soon?
XRP’s longer-term trend remains bearish following a moving averages crossover in October on the daily chart, as evidenced by data from TradingView. Buyers defended the $2.70-$2.75 support zone from August through late September, but it broke during the October 10 market crash. Subsequent lower highs confirm the downtrend structure. Weekly supports at $1.90 from June and $1.61 from April have weakened, with price recently dipping below $1.90 before attempting a reclaim. On-Balance Volume (OBV) has failed to reach new highs, indicating subdued demand and limiting bullish potential even if minor recoveries occur.
Examining the chances of a bullish trend change
Source: XRP/USDT on TradingView
Frequently Asked Questions
Why is XRP showing weakness despite the daily price bounce?
XRP’s daily 1.38% gain masks deeper issues like long-term holders taking profits and declining Spot ETF flows, as detailed in an COINOTAG report. The bearish price structure with lower highs and weak OBV reinforces a lack of sustained buying interest.
What happens if XRP breaks above $2.05?
A decisive move by XRP past the $2.00-$2.05 supply zone, coupled with Bitcoin surpassing $94,500, could indicate a bullish shift. However, current demand metrics for both assets suggest this remains unlikely in the near term.
An COINOTAG analysis notes that even reclaiming $1.90 as support would not alter the swing trader’s bearish outlook due to overarching downtrend signals.
Key Takeaways
- XRP short-term bounce tied to Bitcoin: The 1.38% rise mirrors BTC’s push above $90K, per Bill Morgan’s observations, but lacks intrinsic catalysts.
- Bearish structure dominates: October’s MA crossover and OBV weakness confirm downtrend from $2.75 support breach.
- Sell rallies advised: Target $1.95-$2.00 for exits; invalidate shorts above $2.05 amid fading demand.
Traders’ call to action – Sell the bounce
Source: XRP/USDT on TradingView
Continued low demand could cap buyer momentum, positioning any rally to $1.95-$2.00 as a sell zone. Short positions may suit traders, with stops above $2.05 for risk management. CoinMarketCap and TradingView metrics support monitoring these levels closely.
Conclusion
The XRP price bounce offers temporary relief amid a bearish trend marked by profit-taking and weak ETF flows. While Bitcoin’s influence drove the recent uptick, structural supports at $1.90 and $1.61 remain critical tests. Investors should prepare for potential downside, tracking OBV and BTC for reversal cues in the evolving XRP market.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely for informational purposes based on available data sources like CoinMarketCap and TradingView.
Source: https://en.coinotag.com/xrp-short-term-bounce-faces-bearish-long-term-trend-amid-bitcoin-lift
