The XRP price is maintaining its position in a positive zone above the $2.40 mark. Currently, the price is in a consolidation phase and may be gearing up for a fresh surge above the $2.60 threshold.
Key Highlights
- XRP experienced a downward correction after reaching the $2.65 resistance area.
- Currently, XRP is trading above the $2.40 level and the 100-hourly Simple Moving Average.
- A significant bullish trend line is forming, providing support at $2.45 on the hourly chart of the XRP/USD pair, with data sourced from Kraken.
- The pair might initiate another upward movement if it successfully surpasses the $2.550 resistance.
XRP Price Holds Key Support
The XRP price is showing resilience by climbing above the $2.40 resistance level, mirroring similar movements in Bitcoin and Ethereum. There has been a notable advancement beyond the $2.50 and $2.55 levels.
Despite this, bearish forces became evident near the $2.65 mark. A peak was recorded at $2.64, prompting a downward correction. This resulted in a dip below the $2.55 and $5.20 levels. Furthermore, XRP descended below the 23.6% Fibonacci retracement level, calculated from the $2.165 swing low to the $2.645 high.
Currently, the price is holding firm above $2.40 and the 100-hourly Simple Moving Average. A crucial bullish trend line is forming, providing support at $2.45 on the hourly chart of the XRP/USD pair. This trend line aligns closely with the 50% Fibonacci retracement level from the $2.165 swing low to the $2.645 high.
On the upside, XRP may encounter resistance near the $2.50 level. The first significant resistance lies around the $2.550 mark, followed by the $2.650 level. A decisive breakthrough above the $2.650 resistance could propel the price toward the $2.750 resistance level.
If momentum continues, XRP could climb even higher, potentially targeting the $2.850 resistance or even reaching $2.920 in the foreseeable future. The next significant challenge for the bulls is anticipated to be around the $3.00 level.
Potential for More Losses?
Should XRP fail to overcome the $2.550 resistance zone, it might initiate another downward trajectory. Initial support on the decline is expected near the $2.450 level, with the subsequent major support located around the $2.40 mark.
If there is a breach and closure below the $2.40 level, it could trigger further declines, pushing the price toward the $2.280 support. Beyond this, the next critical support is expected near the $2.150 area.
Technical Indicators
Hourly MACD
The MACD for XRP/USD is currently gaining momentum within the bearish zone.
Hourly RSI (Relative Strength Index)
The RSI for XRP/USD is presently positioned below the 50 level, indicating bearish sentiment.
Major Support Levels
$2.4000 and $2.3500
Major Resistance Levels
$2.5000 and $2.6500
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