XRP is maintaining its position above $2.20 despite facing downward pressure in the broader cryptocurrency market, particularly with Bitcoin ’s price fluctuations. Currently, XRP is consolidating, with aspirations to surpass the $2.320 resistance threshold.
Trading analysis indicates that XRP is still exhibiting a range-bound behavior above the $2.25 support level. The asset is positioned below both the $2.350 level and the 100-hour Simple Moving Average. A bearish trend line is emerging with resistance set at approximately $2.3250, which could hinder any upward movement. For XRP to initiate a new rally, it must hold above the $2.20 support level.
Recently, XRP ’s attempts to break above the $2.40 and $2.42 resistance levels were unsuccessful, leading to limited losses relative to Bitcoin and Ethereum . After experiencing a descent below $2.30 and $2.2650, XRP formed a swing low at $2.235 and is now in a consolidation phase. It managed to rise above $2.25, surpassing the 23.6% Fibonacci retracement level from its prior swing high of $2.390 to the low at $2.235.
The price is currently trading beneath $2.350 and the 100-hour Simple Moving Average, with the next resistance point anticipated at $2.320. Further up, the first significant resistance appears at the $2.35 level, which corresponds to the 76.4% Fibonacci retracement from the aforementioned decline. If XRP can clear that barrier, movement toward $2.40 could be on the horizon, paving the way for potential highs of $2.45, $2.50, or even $2.550.
However, should XRP be unable to overcome the resistance near $2.350, the possibility of a decline looms. Early support can be found around the $2.250 level, with a more substantial support level emerging at approximately $2.220. A decisive break below $2.220 could signal further losses, potentially driving the price down towards the crucial support level of $2.20, while the next major level to watch would be near $2.120.
In terms of technical indicators, the MACD for the XRP /USD pair is showing reduced momentum in the bullish territory, while the Relative Strength Index remains above the neutral 50 level. Major support levels to watch are $2.25 and $2.220, along with key resistance points at $2.320 and $2.350.
