XRP is currently exhibiting signs of stability, maintaining its position above the support level at $2.350. Since the recent price fluctuations, XRP appears to be gearing up for an upward movement, potentially aiming to surpass the $2.4650 level.
Despite this, XRP has encountered difficulty in pushing through the $2.50 resistance barrier. Presently, it is trading below $2.435 and the 100-hour Simple Moving Average. Observations indicate a short-term rising channel setting up, with a significant support line positioned at $2.385 on the hourly chart for the XRP /USD pairing. Should XRP manage to sustain above the $2.320 support, there is potential for a price increase.
XRP has demonstrated some resilience by remaining above the $2.320 level. However, it has not initiated a strong rebound similar to Bitcoin and Ethereum . While it has shown some movement beyond the $2.40 level, the price remains below the critical resistance points of $2.45 and $2.50.
It should be noted that the last swing low emerged at $2.32, indicating a period of consolidation. XRP has made some headway, surpassing the 50% Fibonacci retracement level from the prior decline, yet remains under the influence of the 100-hour Simple Moving Average. Resistance levels above $2.465 may pose further challenges, with the next crucial resistance anticipated at $2.50, followed by $2.55.
Conversely, if XRP is unable to overcome the resistance near $2.435, it risks triggering a downward trend. Immediate support can be found around $2.380, with vital support anticipated near $2.320. A substantial decline below $2.320 could lead to a further drop towards the $2.20 support zone, with additional support appearing near the $2.120 level.
Technical indicators reveal a slight weakening in the bullish momentum for XRP , while the Relative Strength Index currently rests below the neutral level, suggesting cautious trading ahead. Major support and resistance levels continue to be defined as $2.380, $2.320, and $2.4650, $2.500 respectively.
