XRP weekly chart shows early reversal signals
According to a report from CryptoinsightUK (source), XRP has about 10 hours to gain 0.59% and close the week, creating a weekly engulfing candle. In technical analysis, an engulfing candle occurs when a price movement completely ‘engulfs’ the previous period, potentially signaling a shift in market sentiment.
XRP sees a weekly engulfing candle as the RSI recovers, needing a 0.59% gain to end the week on a low. Source: @Cryptoinsightuk via X
The RSI has risen from levels lower than the original 2024 impulse wave. Historical
“Eyes are on this weekly close,” the report notes, emphasizing that past performance is no guarantee of future results, but historical patterns can provide context for traders and investors.
XRP Consolidates Near $2.00 Support
Market analyst Zach Rector, a cryptocurrency strategist who regularly publishes technical analysis on X, noted that XRP’s consolidation may be nearing its end. He noted that XRP/USD is hovering around $2.1967, with small fluctuations between $2.1833 and $2.2220. The RSI is currently stabilizing around 60, indicating that downward pressure may be easing.
The XRP consolidation appears to be ending, signaling possible renewed market movement. Source: @ZachRector7 via X
Reaction from the community remains mixed. Some traders expect an upside breakout influenced by Bitcoin market movements or regulatory events, such as recent SEC approvals for XRP spot ETFs. Others remain cautious due to historical volatility, ongoing liquidations and the lack of a definitive long-term trend.
Market dynamics and supply factors
The circulating supply of XRP on exchanges is now at an all-time low of 5-6 billion tokens, coinciding with the launch of ETFs such as Rex-Osprey. This has increased interest among investors who are monitoring potential supply-driven price movements.
XRP faces strong resistance around $2.30-$2.77, with a potential swing entry around $1.40-$1.60, as momentum and broader market conditions determine the next move. Source: soheilbakhshipor12 on TradingView
TradingView analyst soheilbakhshipor12, who specializes in XRP technical analysis, noted that $2.30 remains a key resistance level, while a stronger supply zone exists around $2.77. Should XRP revisit these levels, renewed selling pressure could occur, potentially pushing prices towards the $2.00 support area.
Potential investment zones and strategy
For long-term investors considering XRP as a crypto asset, the $1.40-$1.60 range could provide a speculative entry point, especially for swing traders. Analysts recommend observing the quality of movements in this zone and the overall market momentum before investing capital.
“Observing the nature of the decline is essential to determine whether XRP has the potential to recover from lower levels or remain in a prolonged phase of low volatility,” the report adds.
Final thoughts
XRP’s short-term momentum remains mixed, but the formation of a weekly engulfing reversal pattern alongside a recovery in the RSI signals potential for a tentative recovery. Technical indicators suggest that downward pressure is easing, while historical patterns suggest that periods of consolidation at key support levels may precede more significant rallies.
XRP was trading at around $2.21, down 0.26% in the past 24 hours at the time of writing. Source: XRP price via Brave New Coin
Investors and traders should closely monitor the XRP price live, XRP charts and market cap data, paying attention to critical support and resistance zones. Broader market conditions, particularly Bitcoin’s performance and regulatory developments such as SEC-approved ETFs, will continue to influence XRP’s next big steps.
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