While XRP experiences short-term volatility, technical signals hint at intriguing medium-term opportunities. Let's delve into a comprehensive analysis of this iconic token and explore potential scenarios for August 12th.
Despite some recent gains, XRP’s weekly chart remains mixed. A confirmed bearish divergence indicates potential slowing of bullish momentum. This suggests an upcoming consolidation phase before any significant next move.
Looking at the daily chart, we can see that XRP has enjoyed an interesting bounce over the past week. However, this rise appears to be part of a larger bearish price structure, suggesting its temporary nature.
XRP is currently testing an important support in the $3.10-$3.15 zone. If this level breaks, the next support sits around $2.90-$3.00. A close below $2.90 could open the way to a deeper decline toward $2.75. Lower still, the critical zone of $2.55-$2.62 represents long-term support.
On the resistance side, XRP continues to face a major obstacle around $3.35-$3.40. This level has repeatedly repelled bounce attempts, demonstrating its strength.
Indeed, the VP Order Blocks indicate liquidity between $3.3 and $3.2 to the north and $3 and $2.8 to the south. If $3.3 is not reclaimed, XRP could fall back to these levels in the coming weeks.
The 4-hour chart and MRC clearly indicate a consolidation phase. The rejection at the $3.3 resistance could bring Ripple’s token back to the $2.8 support.
Although Ripple may still experience short-term rallies, the general trend remains uncertain. Without a decisive breakthrough above key resistances, the risk of further declines remains. The ability of the $3.10 support to hold will be crucial for the token’s next major price movement.
A drop to $2.8 would be an opportunity given that the long-term outlook remains extremely bullish for XRP. Here’s a guide to buying it now on Bitget :
Charles Ledoux is a Bitcoin and blockchain technology specialist. A graduate of the Crypto Academy, he has been a Bitcoin miner for over a year. He has written numerous masterclasses to educate newcomers to the industry and has authored over 2,000 articles on cryptocurrency. Now, he aims to share his passion for crypto through his articles for InvestX.
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