XRP closed in an indecisive manner, leaving traders and market analysts seeking the next direction. An analyst, CRYPTOWZRD, explained on his X profile that the crypto has trended bearishly against BTCD in the past week.
XRP Daily Technical Outlook:$XRP closed indecisively today, the next move from this location will be very important. I will be tracking the intraday chart formation tomorrow to get a trade 🧙♂️ pic.twitter.com/BN6jFw2nlF
— CRYPTOWZRD (@cryptoWZRD_) September 18, 2024
This moment is considered crucial as this week’s prices sketch key technical patterns. XRP is also close to significant levels that will determine its near-term direction. At the time of writing, XRP’s price was $0.5786, experiencing a 1.78% decrease in the past 24 hours.
Bearish Close Against Bitcoin
XRP’s performance against Bitcoin (XRPBTC) has been notably bearish, which the analyst attributes to the increasing dominance of Bitcoin. A rise in BTC.D typically signals that market participants are favoring Bitcoin over altcoins, leading to downward pressure on altcoin prices like XRP. The analyst has highlighted the importance of a bullish breakout above 0.00001110 BTC for XRP to regain positive momentum. This level is seen as a pivotal threshold for a sentiment shift, and it remains the key resistance level to watch in the near term.
Additionally, the analyst has pointed out that XRP is currently testing its daily lower high trendline, a point of potential resistance. Should XRP break above this trendline, it could prompt a quick rally toward the $0.6500 resistance target. However, failure to break above may lead to further declines, with $0.5500 identified as the main support level.
XRP Breakout Imminent: Signs Point to a Historic Rally AheadFederal Reserve Event
According to the analyst, the incoming Federal Reserve meeting may cause a lot of fluctuation in the market. The analyst stated that the future path of the XRP is tied to Bitcoin and its results. As investors wait for a new decision from the FED, short-term price movements could occur in the crypto market. The analyst encourages its followers to monitor these trends and observe the impact on the overall XRP movement. The analyst also intended to make observations on intra-day movements. However, since the FED event is expected, the analyst sees volatility that could be profitable to the traders.
