XRP Closes Bearish as Bitcoin Dominance Rises, Recovery Expected Soon
XRP closed bearish recently as XRPBTC declined alongside rising Bitcoin Dominance. An analyst suggests a potential recovery for XRP is imminent, which might present trading opportunities soon.
Price Action Influenced by Bitcoin
- XRP and XRPBTC both ended the session bearish on Monday.
- Bitcoin's price movements are impacting XRP's performance.
- XRPBTC needs to turn positive for XRP to regain bullish momentum.
- A positive shift in XRPBTC could lead to an upside move for XRP.
Despite a pullback, the recent weekly close indicates strong bullish potential. Short-term dips may create setup opportunities for higher moves.
Monitoring Key Levels
- Next resistance level to watch is $3.3; breaking this could lead to $3.65.
- A new all-time high may be achievable if upward momentum continues.
- $3.23 is critical intraday resistance; holding above it could signal a long entry.
- Main support level at $3.02; failure to hold may trigger selling pressure.
- Traders should remain patient and wait for well-defined setups for successful trades.
