XRP continues to exhibit stability, maintaining its position above the $2.40 level. The cryptocurrency is currently consolidating, with potential for a surge beyond the $2.60 benchmark.
Recently, XRP initiated a downward correction from its $2.65 resistance level. Despite this, it remains positioned above $2.40 and maintains its stance above the 100-hourly Simple Moving Average. A significant bullish trend line is establishing itself with support at $2.45 on the hourly chart of the XRP/USD pairing, sourced from Kraken data. To trigger a renewed upswing, XRP must breach the $2.550 resistance level.
XRP has initiated a fresh rally above the $2.40 resistance, similar to trends observed in Bitcoin and Ethereum. The price surged past $2.50 and $2.55. Nonetheless, resistance was encountered near $2.65. A peak was achieved at $2.64, followed by a corrective move downward, with declines below the $2.55 and $5.20 thresholds.
The downward adjustment traversed past the 23.6% Fib retracement from a $2.165 swing low to the $2.645 high. Currently, XRP holds steady above $2.40 while supported by the 100-hourly Simple Moving Average. A crucial bullish trend line forms at $2.45, coinciding with the 50% Fib retracement of the recent upward trajectory.
On the upside, the $2.50 level presents potential resistance; $2.550 is identified as a key obstacle. Successfully climbing over the $2.650 resistance could propel the asset towards the $2.750 mark. Subsequent gains may extend XRP's rally to $2.850 or even $2.920 in the near term, with a major bullish challenge at $3.00 on the horizon.
Should XRP fail to surpass the $2.550 resistance, a decline might ensue. Initial downside protection resides at $2.450, with significant support at the $2.40 level. A breach below $2.40 could precipitate a drop toward $2.280, with further support at approximately $2.150.
The hourly MACD for XRP/USD is gaining momentum in a bearish direction. The hourly RSI is under the 50-mark, signaling potential weakness. Major support levels are identified at $2.4000 and $2.3500, while resistance levels are pinned at $2.5000 and $2.6500.
