XRP price recently experienced a downward trend,buy monero instantly slipping below the $2.50 and $2.25 support levels. However, it is now attempting to recover from the $2.05 support zone.
XRP price dropped below the $2.40 level, signaling bearish momentum.
Currently, the price remains below $2.40 and the 100-hourly Simple Moving Average.
A bearish trend line is forming with resistance at $2.45 on the hourly chart of the XRP/USD pair (data sourced from Kraken).
Unless the price closes above the $2.45 resistance zone, further declines may be expected.
XRP Price Attempts a Comeback
After failing to sustain gains above the $2.62 resistance zone, XRP began a fresh decline, mirroring trends seen in Bitcoin and Ethereum. The price dropped below the $2.55 and $2.50 support levels.
The decline intensified as XRP dipped below the $2.20 support, entering a bearish phase. A low of $2.0639 was recorded before the price started showing signs of recovery. The price has since climbed above the 23.6% Fibonacci retracement level of the downward move from the $2.604 high to the $2.206 low.
Despite the recovery attempt, XRP remains below $2.40 and the 100-hourly Simple Moving Average. On the upside, the price faces immediate resistance near $2.3320. The first major resistance lies at $2.40, which coincides with the 61.8% Fibonacci retracement level of the recent downward move.
The next critical resistance is at $2.45, where a bearish trend line is forming on the hourly chart. A decisive break above $2.45 could propel the price toward $2.50. Further gains might push XRP toward $2.55 or even $2.5650 in the short term. The next significant hurdle for buyers would be the $2.62 level.
Potential for Another Downturn
If XRP fails to overcome the $2.45 resistance, another decline could be on the horizon. Initial downside support is near $2.2320, followed by a major support level at $2.20.
A break and close below $2.20 could trigger further declines, with the next major support zone around $2.12. Beyond that, the $2.05 level becomes a critical area to watch.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD has climbed above the 50 level, indicating improving momentum.
Major Support Levels – $2.2320 and $2.20.
Major Resistance Levels – $2.40 and $2.45.
