The cryptocurrency XRP has recently exhibited relatively stable performance amidst the turbulent movements within the broader market.
This calmness, however, might be the calm before the storm, as XRP continues to hover around a significant support level on its daily chart, currently maintaining a trading price of $2.45.
XRP’s Stuck Price Indicates Market Indecision
XRP has been trading within a tight range between its April low of $1.57 and the recent high of $3.40 experienced over the last few weeks. This range hasn’t seen a decisive breakout yet. According to technical analyses, this formation might eventually evolve into a triangular or another compression pattern over time.
A minor pullback from last week was initially explained by a negative divergence in the RSI indicator. However, the RSI has recently started showing an upward trend, suggesting a positive indication of market strength. Particularly, the recovery of Bitcoin 
$0.000039 and other significant altcoins could increase buying pressure on XRP.
For investors, patience is crucial during this phase. Hastily made decisions could potentially lead to losses as long as the price direction remains unclear. Nevertheless, the existing scenario still maintains a positive long-term outlook for XRP.
The Crucial Role of the $2.62 Short-Term Resistance
In short-term charts, XRP has defined the $2.15 – $2.31 range as a support level and the $2.48 – $2.61 band as its resistance. Currently, the price moves horizontally within this range. However, surpassing $2.62 could be the first sign of a more significant upward movement.
Analysts expect the upward trend of XRP to continue as long as it maintains the low recorded on Monday. If Bitcoin’s persistent rise continues, XRP might experience a sudden jump with a sharp move towards the $3.30 – $3.40 range, offering an attractive opportunity for investors.
Conversely, a decline below the $2.31 and subsequently $2.28 levels could invalidate the short-term bullish expectations, prompting XRP to seek new support within the $1.79 – $2.60 range. The market will attempt to stabilize once again at these levels.
