XRP ’s price is currently facing challenges as it attempts to break out above the $2.350 resistance level. After making some gains, it has shown signs of weakness and is gradually slipping toward the support zone around $2.20. The cryptocurrency showed initial promise by moving above the $2.250 resistance but has encountered difficulties maintaining its upward momentum.
Recent trading activity indicates that XRP is positioned above $2.25, supported by the 100-hour Simple Moving Average. However, a key declining channel has emerged, with significant resistance forming at the $2.288 level on the hourly chart. Analysts suggest that a sustained move above the $2.30 threshold could initiate a more substantial price surge.
In a broader context, XRP commenced an upward movement after sustaining above the $2.20 support, similar to trends observed in Bitcoin and Ethereum . The price successfully climbed above both the $2.25 and $2.30 barriers, even reaching as high as $2.348 before a correction occurred. Following this peak, the price dipped below the 23.6% Fibonacci retracement level from the recent swing low of $2.130 to the high of $2.348. Currently, XRP seems to be stabilizing above the $2.25 mark while facing obstacles near $2.288.
Should XRP fail to break through the $2.30 resistance, a further decline may be imminent. The immediate support level to monitor is around $2.24, with further critical support near $2.210, which aligns with the 61.8% Fibonacci retracement level from the previous upward move. A decline and subsequent close below $2.210 could pave the way for a drop toward the $2.150 support, followed by a major support level at $2.050.
Technical indicators reveal that the momentum for XRP is waning, with the MACD losing momentum within the bullish zone and the RSI falling below the neutral mark of 50, suggesting caution for traders.
