XRP Stumbles, But A Recovery Could Be Around The Corner

[Ben Graham]

In a recent post, CRYPTOWZRD highlighted that XRP ended the session on a bearish note as XRPBTC slipped in response to a rise in Bitcoin Dominance (BTC.D). However, the analyst anticipates a swift recovery rally from XRP, potentially setting the stage for the next trading opportunity in the near term.

Bitcoin’s Strength Dictates XRP Price Action

Sharing more insight, CRYPTOWZRD noted that both the daily chart for XRP and XRPBTC closed bearish on Monday. The move came as Bitcoin Dominance climbed, with Bitcoin’s price action playing a role in XRP’s action. 

He highlighted that for XRP to regain its bullish footing, XRPBTC must first turn positive — a development expected to happen soon. Once this alignment occurs, XRP’s performance will likely mirror the combined outcome of both Bitcoin and XRPBTC, setting the stage for a potential upside shift.

Despite the current daily pullback, CRYPTOWZRD views the recent massive bullish weekly close as a strong underlying signal. From his perspective, short-term dips are a normal part of the broader trend and often provide a setup for the next move higher. This is why he remains optimistic about a swift reversal in the near term.

Looking ahead, he plans to closely monitor the intraday chart formations tomorrow to identify the next scalp opportunity. If XRP can push above the $3.3 daily resistance level, CRYPTOWZRD believes the path to $3.65 will open quickly. Breaking that barrier could pave the way for XRP to chart a new all-time high, adding a powerful chapter to its ongoing bullish narrative.

Volatility Persists As Traders Eye Key Levels

In conclusion, CRYPTOWZRD emphasized that the intraday movement was characterized by sharp and frequent price swings, reflecting a market environment marked by uncertainty and rapid shifts in sentiment. Such volatility creates both opportunities and risks for traders, demanding careful observation and swift decision-making to capture profitable moves without falling into sudden reversals.

Looking ahead, he anticipates that tomorrow may bring a similar level of turbulence. A decisive hold above the $3.23 intraday resistance could provide a favorable long entry point, with the next major upside target set at the $3.4 resistance level. This zone could act as a significant barrier, but if broken, it may open the door to extended bullish momentum.

Conversely, the analyst cautions that $3.02 stands as the primary support level to watch, and failure to hold above this area might lead to renewed selling pressure. Given these conditions, patience is key; waiting for the next well-formed setup will help avoid premature entries and improve the chances of a successful trade.