• XRP price rises 0.76% to $2.78, but a 7.07% weekly drop signals a possible final dip before a surge.
• After failing to break $3.00, XRP drops below $2.79 support, with RSI showing strong selling pressure.
• Analysts expect XRP to hit $2.715 before recovery; the final dip could mark the end of selling pressure.

Ripple (XRP) is currently trading at $2.78, showing an increase of 0.76% over the last 24 hours. However, the trading volume has fallen by 8.21% and currently is at $8.42 billion. In the last week, the price of XRP has gone down by 7.07%. The market is preparing a last dip before possibly a price surge.

Source: CoinMarketCap

XRP Rejected at Key Levels, Final Dip Expected

Crypto analyst CasiTrades highlighted that XRP has faced rejection at significant resistance levels. The XRP fell below its Fibonacci support at $2.79 after failing to penetrate the $3.00 resistance level. The price level was subsequently used as resistance. RSI demonstrates high selling pressure, indicating that the market is likely to experience some downward pressure before it bottoms out.

Analysts project that the XRP can hit the lowest point of the current consolidation of $2.715. This would be a crucial level in the coin since it would still prevent the formation of a new low in the current correction. 

The market is experiencing signs of bullish divergence, especially on greater time frames. Nonetheless, even smaller periods are showing that the selling pressure is not depleted completely. This indicates that the market cycle cannot be complete without a final fall.

Whereas Ethereum and Dogecoin have already hit their bottom targets, XRP continues to hit one more low. XRP is also likely to experience a huge price increase once the selling pressure has reached its limit.

Source: X

Also Read: Ethereum Eyes $4,060 Target as Price Tests Crucial Support Level

RSI Shows Positive Divergence, Preparing for Strong Recovery

The 1-hour RSI depicts positive divergence and a distinct trendline. One more fall to $2.715 would assist in proving that pressure to sell is over. For XRP to cross above $2.79, it is an indication of a robust recovery.

However, even with the recent dip, analysts highlight that this should not be perceived as weakness on the part of cryptocurrency. Rather, it is considered to be a shakeout. The market is consolidating, and then the volatility follows. After the selling pressure subsides, the token will likely burst and start a new upward trajectory.

Trading Volume and Open Interest Dip Amid Market Correction

CoinGlass data shows that trading volume has declined by 28.35% to $9.12 billion. Open interest is also down by 1.47% and currently stands at $7.33 billion. The OI-Weighted Funding rate of Ripple stands at 0.0072%.

Source: CoinGlass

Ripple is approaching a decisive point in its price dynamics. Key support levels are in the spotlight of the analysts. If the market is able to overcome this last dip, cryptocurrency may be ready to get a massive surge.

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