XRP is currently consolidating its position above the $2.320 support level, showing positive momentum that could lead to a potential climb above $2.50. After experiencing a correction from the recent peak around $2.50, XRP is now trading below the $2.45 level and the 100-hour Simple Moving Average.
The cryptocurrency recently broke through a bearish trend line, establishing resistance at $2.380 according to hourly data. If XRP maintains support above $2.320, it may pave the way for an upward trend. After testing the $2.50 level, where a slight correction occurred, XRP found a low at $2.32 but has since rebounded, crossing the $2.40 line.
Currently, XRP is showing signs of recovery, having surpassed the 23.6% Fibonacci retracement level from its prior decline, which began from a swing high of $2.507. However, nearing the $2.45 region, the price faces potential resistance, with the 61.8% retracement level indicating another point of contention. Advancement past $2.50 could see XRP challenge the $2.55 level, and a breakthrough there could propel the price closer to $2.680.
Further gains may drive the price to test the $2.720 and $2.750 levels, with the ultimate obstacle for bullish traders positioned at $2.880. Conversely, if XRP struggles to surpass the $2.45 resistance, a downturn could occur. Initial support on the downside lies around $2.370, with more substantial support at $2.320. A critical drop below this threshold might result in prices retreating toward the $2.20 level, and subsequently to around $2.120.
Currently, technical indicators suggest that XRP ’s momentum is shifting positively, with the MACD exhibiting strength in bullish territory and the RSI remaining above the neutral 50 mark, indicating continued interest among traders.
