The price of XRP remains steady above the $2.25 level, demonstrating resilience in a market where Bitcoin faces downward pressure. Currently, XRP is consolidating and targeting an increase beyond the $2.40 resistance level.
Despite this consolidation, XRP has encountered difficulties in surmounting the $2.40 and $2.45 thresholds. Following a period of downturn, the price dipped below the $2.32 and $2.25 support levels. The recent low was established at $2.202, but the price has since bounced back above the $2.25 level. This recovery has allowed it to surpass the 50% Fibonacci retracement level of the recent downward trend from a high of $2.47 to the aforementioned low.
Trading presently hovers below $2.3650 and the 100-hour Simple Moving Average, with resistance anticipated around the $2.380 mark. A bearish trend line has formed at this level on the hourly chart, posing a potential barrier against further upward momentum. The primary resistance levels ahead lie at $2.40, which coincides with the 76.4% Fibonacci retracement of the previous market decline.
Should XRP manage to penetrate the $2.45 resistance, it could propel itself toward $2.50 and potentially higher, with targets set at $2.650 and $2.6650 in the near term. The critical challenge for bullish investors will then be the $2.720 level.
Conversely, if XRP struggles to break through the $2.400 resistance zone, it may initiate a decline. Immediate support is observed at $2.320, followed by significant backing near $2.250. A decisive break below this level could lead the price towards the next critical support target around $2.20, and then further to $2.120.
In terms of technical indicators, the momentum is shifting, as shown by the MACD losing strength in the bullish zone, while the RSI remains above the neutral 50 level, indicating varying potential for future price movements.
