XRP ’s price has recently encountered challenges in its attempt to surpass the critical $2.50 level, resulting in a corrective phase. Currently, the asset is stabilizing as it seeks to establish momentum for a potential rebound above the $2.40 resistance level.
At present, XRP is trading below $2.350 and has also fallen short of the 100-hourly Simple Moving Average. This has followed a decisive breach of a short-term ascending channel that previously held support at $2.390, according to hourly insights on the XRP /USD pairing. For XRP to initiate a new upward trend, it is crucial for it to maintain support above the $2.250 level.
After failing to maintain upward momentum beyond $2.48 and $2.50, XRP experienced a brief decline, although losses were meager compared to other cryptocurrencies like Bitcoin and Ethereum . The price dropped below both the $2.40 and $2.32 support levels, forming a swing low at $2.26. Recent price activity saw a recovery above $2.32, climbing back to the 23.6% Fibonacci retracement level from the previous drop, yet it still remains under the critical 100-hourly moving average.
Resistance levels loom at $2.40, with subsequent challenges at $2.42. A decisive breakthrough above $2.42 could set the stage for a rise toward the $2.50 level, with potential gains possibly extending to $2.650 or $2.665 in the near term. Furthermore, the next significant resistance level for bullish traders could be at $2.720.
Conversely, if XRP continues to struggle around the $2.350 resistance, it may be poised for further declines. Key support levels are identified at $2.300 and $2.250. A decisive breach below $2.250 could catalyze a deeper correction, potentially driving prices toward the $2.20 level, with further support resting around $2.120.
Technical indicators are painting a cautious picture, with the MACD suggesting a waning bearish momentum and the RSI indicating a position below the neutral threshold of 50.
