XRP has recently experienced a downward trend, slipping beneath the significant support level of $2.50. Currently, the price is stabilizing around $2.20 with the potential for recovery above the $2.45 level. Having initially attempted to break the $2.70 resistance, XRP faced challenges and retreated, contrasting the performances of Bitcoin and Ethereum which maintained their momentum.
As XRP dipped below $2.40, a new low was established at $2.166. However, there has been a slight correction with the price climbing back above $2.20 and $2.25. This uptick has allowed XRP to recover above the 23.6% Fibonacci retracement level linked to its recent decline from a high of $2.865 to the low of $2.166.
Despite these movements, XRP remains below the $2.50 level and the 100-hourly Simple Moving Average. Resistance is identified near the $2.40 level, with $2.50 acting as the major hurdle for any upward momentum. Additionally, a bearish trend line is forming with resistance at the $2.50 mark on the hourly chart, indicating a challenging path ahead.
If XRP can surpass the $2.50 resistance, it may pave the way for further increases, possibly reaching the next resistance at $2.550. Success beyond this could lead to targets around $2.650, $2.70, or even extending towards the $2.850 range in the near future. However, if XRP fails to break through the $2.500 zone, it may face another downturn, with initial support situated at $2.250 and critical support at $2.20. A drop below this level could extend losses towards the $2.050 support and further to the $2.00 area.
In terms of technical performance, the MACD for XRP /USD indicates diminishing bullish momentum while the RSI stands below the neutral level of 50, suggesting a cautious outlook for the XRP market in the immediate future.
