XRP ’s recent price performance has displayed some volatility, particularly around the $2.85 resistance level. Currently, the cryptocurrency is consolidating around $2.50, with potential to rise above the $2.65 level if market conditions improve. Despite attempts to breach the $3.00 level, the price fell short, leading to corrections that saw values dip below $2.65 and $2.50.
Recent trading dynamics indicate that XRP has established a low at $2.276, followed by a recovery effort that has pushed the price back above $2.40 and $2.50. This upward movement coincides with the price being positioned above the 50% Fibonacci retracement level, suggesting a potential resurgence. It is also noted that XRP is trading above the 100-hourly Simple Moving Average, which could signal bullish momentum if it clears key resistance levels.
Resistance remains a crucial factor for XRP , particularly at the $2.620 level, followed by more significant hurdles at $2.720 and $2.850. Successfully breaching the $2.850 barrier could pave the way for a run towards $2.950, with further gains potentially targeting the $3.00 level and $3.150 thereafter. However, bulls will need to navigate past these resistance points to maintain upward momentum.
On the downside, if XRP fails to overcome the $2.620 resistance, a decline may ensue. Immediate support is observed at $2.50, with further major support at $2.40. A decisive move below these levels could lead XRP down toward $2.30, with significant support around the $2.050 zone as a critical threshold for potential losses.
Current technical indicators reveal a slowing bullish momentum, as suggested by the hourly MACD, while the Relative Strength Index (RSI) has dipped below the neutral 50 line, indicating a cautious outlook in the short term.
