• XRP is currently trading around the $2.33 mark.
• The XRP market has seen roughly $6.73 million in liquidations recently.

The overall crypto market remains under a cloud of bearish sentiment, keeping major players like Bitcoin and Ethereum subdued. However, XRP from Ripple is showing signs of defiance, trying to push past the negative trend after a small 1.41% increase.

Successfully breaking through key resistance levels could spark a more significant upward correction. XRP’s price movement is still shaky, and this slight gain looks like a tentative first step towards recovery.

Earlier today, XRP traded as low as $2.27 before briefly jumping to $2.37. Currently, it’s trading at $2.33, with a substantial $3.73 billion changing hands in daily trades. Interestingly, during this fluctuating period, the market experienced $6.73 million in XRP liquidations.

According to the Ali chart analysis, XRP appears to be forming a head-and-shoulders pattern, often seen as a signal of a potential bearish reversal. The $2 support level is now a critical point of defense. Holding above this could be essential to prevent further price drops.

Will Bulls Drive a More Powerful XRP Rebound?

XRP’s minor dip could potentially drag the price down further, possibly below $2.26. If it falls below this level of support, we might see a slide towards $2.18, which would make any recovery even harder and open the door for more losses.

On the other hand, if XRP can confidently hold above $2.36, there’s a chance it could climb past the $2.45 mark. A golden cross forming could encourage a re-evaluation of key resistance areas. A successful breakout here could really set XRP up for a significant move upwards.

Looking at the Moving Average Convergence Divergence (MACD), the line is currently below the signal line. This is typically seen as a bearish signal, suggesting selling pressure might persist. Unless we see a shift soon, XRP could continue to struggle with the downtrend.

Furthermore, the Chaikin Money Flow (CMF) indicator is at -0.05. This suggests that money is flowing out of XRP more than it’s flowing in, indicating weak demand in the market. Despite this, XRP’s daily trading volume has actually jumped by over 32.97% – an interesting divergence.

The altcoin’s Bull Bear Power (BBP) value on TradingView is at -0.0011, hinting at slight bearish pressure still lingering. However, XRP’s daily Relative Strength Index (RSI) reading of 52.70 suggests a momentum that’s hovering between neutral and slightly bullish.

Disclaimer: Please remember, the views expressed here are solely those of the author. This is not financial advice. TheNewsCrypto team always recommends doing your own thorough research before making any investment decisions.

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