XRP ’s recent price movement has shown some resilience, finding support around the $1.90 region. After a period of decline, the cryptocurrency has begun to recover, indicating that bullish momentum might be building. Traders are cautiously monitoring the possibility of a breakout above the $2.35 resistance level.
In the past, XRP ’s price dipped below the $2.25 level and is currently sitting below the $2.320 level, along with the 100-hourly Simple Moving Average. Notably, a bearish trend line with resistance at $2.22 was breached, suggesting a potential change in momentum. If XRP can successfully overcome the $2.36 resistance, further gains may follow.
The downward trend in XRP ’s price mirrored similar patterns seen with major cryptocurrencies like Bitcoin and Ethereum . It dropped through both the $2.20 and $2.050 levels, even falling under the crucial $2.00 support level, hitting a low near $1.898. However, a recovery above the $2.20 mark has enabled the price to ascend past the 50% Fibonacci retracement level from the previous high of $2.64 to the recent low. Moreover, the breach of the bearish trend line could signal the start of a more significant upward move.
Despite this promising recovery, resistance remains a formidable challenge. The XRP price is currently trading below $2.320 and will need to contend with obstacles near $2.36 and $2.40. Should it manage to break through these levels, the next targets would include $2.475 and potentially $2.550. If upward momentum persists, XRP could even approach the more significant resistance zones at $2.650 and $2.720.
On the other hand, if XRP struggles to surpass the $2.360 resistance, it may be poised for another downturn, with initial support set near $2.150 and a more critical support level around $2.050. A fall below this latter point could see XRP testing the $1.880 support zone, with further declines possibly reaching as low as the $1.750 level.
