XRP continues to demonstrate resilience as it trades above the key support level of $2.40. Recent price movements indicate that the cryptocurrency recently underwent a minor correction after approaching the $2.65 resistance. Currently, XRP is consolidating and has the potential to strive for an upward trajectory, particularly if it surpasses the $2.60 level.
After reaching a peak near $2.65, a correction led to a retreat below $2.55, resulting in XRP dipping below a crucial Fibonacci retracement level. Despite this pullback, XRP is holding steady above $2.40, supported by the 100-hour Simple Moving Average. A significant bullish trend line is evident, finding support around the $2.45 mark, which coincides with the 50% Fibonacci retracement level of the recent upward movement.
If XRP manages to break through the initial resistance near $2.550, it could pave the way for further increases. Resistance levels to watch include $2.650, which, if cleared, could catalyze a move toward $2.750 and possibly even $2.850. The psychological barrier of $3.00 remains a long-term target for bullish investors.
Conversely, should XRP fail to overcome the $2.550 resistance, it could trigger a downward trend. Key support levels are identified at $2.450 and $2.40; a significant breach below these could lead to further declines toward $2.280, with an ultimate support level around $2.150, which warrants careful observation.
Analyzing the technical indicators, the hourly MACD reflects a strengthening bearish momentum, while the Relative Strength Index (RSI) is currently positioned below the neutral 50 mark, indicating a potential selling pressure in the market.
