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In a recent poston X, market analyst Andrew Griffiths pointed out that XRP has faced notable rejection at two consecutive resistance levels, first near $2.65, followed by another rejection at $2.57. The inability to hold above $2.57 on the second attempt is particularly telling, as it indicates that sellers may be stepping in earlier, defending lower levels. This pattern raises the risk of a deeper retracement if bullish supportdoesn’t re-enter the market soon. Volume And Price Divergence At Resistance
To provide further context on his recent analysis of XRP,Andrew Griffiths highlighted a critical divergence in volume between recent highs, which might signal a potential weakening in bullishmomentum. As XRP reached higher price levels over the past few days, the accompanying trading volume has been progressively decreasing, suggesting that the market’s enthusiasm for higher price levels is fading. This volume-price divergence raises concerns that the upward momentum may not be sustainable without additional support. Related Reading XRP Price Rejected At Resistance: Why $2.69 Holds The Key 1 day ago
Griffiths highlighted the Relative Strength Index (RSI), which still suggests there could be potential for further upward movement in XRP’s price. The RSI remains in a favorable zone, indicating that the marketmay continue to see bullish pressure, especially if it can break certain resistance levels. XRP set to decline | Source: Andrew Griffiths on X
However, Griffiths also expressed caution, acknowledging that while the RSI suggests upside potential, the weakening volume makes him reluctant to commit fully to the bullish side just yet. He emphasized the need for confirmation, either through stronger buying volume or a more sustained price move.
If XRP fails to sustain its current price levels, Griffiths suggested that a pullbackto earlier trend zones is likely, where price could find support and possibly consolidate. Such a move would not necessarily spell the end of the bullish trend but rather signal an opportunity for a better entry point at lower levels. XRP Rejection Signals Growing Uncertainty Among Traders
Andrew Griffiths concluded his analysis by highlighting that uncertainty presently reigns in the market, making it difficult to predict the immediate direction of XRP’s price action. While the cryptocurrency has experienced some bullish movement, the mixed signals from volume divergence and resistance rejections have created a situation where neither the bullsnor the bears appear to have full control. Related Reading XRP Sees Renewed Trader Activity as Market Absorbs Selling Pressure 1 day ago
In terms of key levels, Griffiths identified $2.37 as a critical short-term support level that could provide some stability if prices start to retrace. This level has previously served as an important point of support during earlier pullbacks.
Should the price hold above this support zone, there’s still potential for a consolidationphase or a continuation of the upward trend if buying pressure picks up again. However, if XRP fails to defend this key level, it could signal downside risk, with a move toward the next support zones. XRP trading at $2.4 on the 1D chart | Source: XRPUSDT on Tradingview.com Featured image from Getty Images, chart from Tradingview.com