The price of XRP has recently experienced a series of swing movements from the $2.85 resistance level. Currently, the price is consolidating around the $2.50 mark, suggesting the potential for further gains beyond the $2.65 threshold. Below, we delve into the technical indicators and support and resistance levels that are shaping the XRP price trajectory.
Current XRP Price Trends
- XRP is encountering challenges in establishing momentum to break through the $2.80 resistance zone.
- The digital asset is currently trading above $2.30, maintaining a position above the 100-hourly Simple Moving Average.
- A significant bullish trend line is emerging with support at $2.25 on the hourly XRP/USD chart, according to data from Kraken.
- If the pair manages to surpass the $2.72 resistance, it may continue to gain speed.
XRP Price Sustains Above $2.30
Recently, XRP made another attempt to break the $3.00 resistance level, but it struggled to push past $2.85. This led to a corrective phase, unlike the movements observed in Bitcoin and Ethereum. The price experienced a decline below the $2.65 and $2.50 thresholds.
A low was established at $2.276, triggering a correction of the losses. The price then rebounded above the $2.40 and $2.50 levels, with the bulls driving it past the 50% Fibonacci retracement level of the recent downturn from the $2.848 swing high to the $2.276 low.
Currently, XRP is trading above $2.30 and the 100-hourly Simple Moving Average. A bullish trend line with support at $2.25 is forming on the hourly chart of the XRP/USD pair.
On the upside, resistance is anticipated near the $2.620 level, with the first significant hurdle at approximately $2.720. This level aligns closely with the 76.4% Fibonacci retracement of the recent decline from the $2.848 swing high to the $2.276 low.
Potential Resistance Levels Ahead
The next notable resistance level is positioned at $2.850. A decisive move above this resistance could propel XRP towards the $2.950 mark. Further gains might lead the price to challenge the $3.00 resistance, with an eye on the $3.150 level in the near future. The subsequent major obstacle for the bulls may be the $3.20 mark.
Are Dips Limited?
Should XRP fail to surpass the $2.620 resistance zone, a fresh decline could ensue. The initial support on the downside lies near the $2.50 level, with the next major support located around the $2.40 mark.
In the event of a break and closure below the $2.40 level, the price could continue its descent towards the $2.30 support and the established trend line. The subsequent major support zone resides near $2.050.
Technical Indicators
The hourly MACD for XRP/USD is currently losing momentum within the bullish zone, indicating a potential shift in market sentiment. Meanwhile, the hourly RSI (Relative Strength Index) for XRP/USD has dropped below the 50 level, signaling a decrease in buying pressure.
Key Support and Resistance Levels
- Major Support Levels: $2.5000 and $2.4000.
- Major Resistance Levels: $2.6200 and $2.7200.
