- Ripple price rebounds from a seven-week low, ending a six-day losing streak.
- XRP rebounds from the lower Bollinger Band as Stochastic bounces off oversold territory.
- A daily close above $2.82 could trigger a move to $3.00, while strong support levels hold firm against sellers.
- Short-term recovery expectations align with the broad bullish trend.
Ripple (XRP) Price rebounds from a seven-week low, ending a six-day losing streak with nearly 2% intraday gains to $2.81 early Tuesday.
Given the Stochastic momentum indicator’s rebound from the oversold territory and an improvement in the trading volume favoring the XRP’s latest recovery, the buyers are likely having an upper hand as they poke the key $2.82 support-turned-resistance.
Over the weekend, Ripple (XRP) broke down from a six-week-old symmetrical triangle. Still, the Bollinger Bands (BB) signal a corrective bounce from recent lows, though the triangle’s breakdown needs to be reversed on a daily closing basis to defend the recovery.
Meanwhile, Ripple’s rebound is supported by increasing trading volume and a rise in market capitalization, indicating stronger market participation. According to Santiment, XRP’s daily trading volume ended a two-day decline, holding steady near $6.43 billion after dipping from Monday’s $8.03 billion. Meanwhile, its market cap rose to $167.22 billion.
With this, the XRP buyers are likely to hold the recent recovery, even if a flurry of upside hurdles stand tall to offer a long and bumpy road.
Ripple Price: Daily Chart Points To Short-Term Downside
With the Stochastic indicator’s gradual rebound favoring the XRP’s rise, coupled with broad crypto market improvement, the quote is likely to cross the $2.82, aligned with the aforementioned seven-week-old triangle’s lower boundary, on a daily closing basis.
Following that, the XRP bulls could eye a move toward the middle Bollinger Band (BB) near $2.95, followed by a test of the $3.00 mark.
Still, a falling resistance line from late July and the 50-day Simple Moving Average (SMA) — around $3.01 and $3.09 respectively — could cap further upside, before bulls face the upper Bollinger Band (BB) at $3.19 and a strong seven-month horizontal zone between $3.33 and $3.40.
A successful breakout above $3.40 would be critical for Ripple (XRP) bulls, potentially opening the door to challenge the record high near $3.67 and target the psychological $4.00 level.
Alternatively, the XRP’s failure to offer a daily close beyond $2.82 can drag it back to the stated lower BB, close to $2.71.
However, a drop below $2.71 remains unlikely unless sellers break the six-month-old previous resistance line, now acting as support near $2.65.
Below $2.65, the 200-day SMA at $2.48 and an ascending support line from April near $2.22 act as crucial support, breaking these could threaten XRP’s three-year uptrend.
Ripple Price: Four-Hour Chart Challenges Recovery
On the four-hour chart, the Stochastic indicator is much stronger and offers a sturdy support to the latest rebound in the Ripple price. That said, the XRP’s rise past $2.82 support-turned-resistance can aim for the 200-bar Simple Moving Average (SMA) near $3.02 will pose the next challenge.
Beyond that, a six-week descending resistance line around $3.12, a strong horizontal zone between $3.33 and $3.40, and the all-time high at $3.67 will attract market focus.
Conversely, the XRP’s U-turn could trigger a pullback toward the recent low near $2.75.
Next, the 61.8% and 78.6% Fibonacci retracement levels of Ripple’s June-July rise—around $2.58 and $2.29—could challenge bears before deeper daily chart supports come into play.
Conclusion
Ripple’s short-term recovery looks strong despite the weekend’s triangle breakdown, driven by upbeat Stochastic signals. However, upside room appears to be limited, and the overall uptrend stays intact as long as XRP holds above the crucial $2.22 support.
