XRP ’s price has shown resilience by correcting some earlier losses and currently trades above the $2.25 level. However, it faces challenges aiming to surpass the $2.350 resistance level. The recent upward movement suggests an attempt at a renewed climb beyond this barrier.
Having started its recovery above the $2.20 support, XRP ’s price surged past both the $2.25 and $2.30 levels alongside trends seen in Bitcoin and Ethereum . Despite reaching a peak of $2.348, selling pressure emerged, leading to a phase of consolidation. Following a slight retreat below the 23.6% Fibonacci retracement level of the previous uptrend, the price remains comfortably above $2.25, buoyed by the 100-hourly Simple Moving Average. A bullish trend line is also forming, with support identified at $2.285.
The upward trajectory may encounter resistance near the $2.32 level, with the most significant hurdles lying at approximately $2.35. Should XRP break through this level, it could potentially target $2.40, with subsequent resistance anticipated at $2.50. Further gains could propel the price toward the $2.550 or even $2.650 levels shortly, with the bulls eyeing a significant hurdle at $2.720.
Conversely, if XRP fails to overcome the $2.350 resistance, a downward reversal may ensue. Initial support levels are around $2.28, coinciding with the bullish trend line. Should the price dip below $2.240, a further decline toward the $2.20 support could occur, with the next crucial support positioned at around $2.050.
Notably, technical indicators suggest a mixed outlook, as the hourly MACD for XRP /USD shows signs of diminishing momentum in the bearish territory while the Relative Strength Index indicates a position above the neutral level of 50, highlighting potential for further upward movement but also necessitating caution in the current market dynamics.
