XRP recently recovered from the $2.280 zone and is currently encountering resistance near the $2.50 and $2.60 levels. Following its recovery from the $2.280 area, XRP is now trading above $2.40, bolstered by the 100-hourly Simple Moving Average. A breach over a bearish trend line around $2.450 has occurred, as depicted in the Kraken's hourly XRP/USD chart. A successful break through the $2.50 resistance might trigger a fresh upward movement.
Mirroring the movements of Bitcoin and Ethereum, XRP initiated a recovery wave from its $2.280 support level. Building from this base, the price rose beyond the $2.32 and $2.35 levels.
The bulls managed to propel the price above the 23.6% Fibonacci retracement level from the $2.7849 swing high to the $2.2794 low. Crucially, a breakthrough was achieved over a bearish trend line at $2.450 on XRP/USD's hourly chart. The price remains above $2.40, aligned with the 100-hourly Simple Moving Average, and faces resistance at the $2.50 mark.
The initial significant resistance is at $2.5320, coinciding with the 50% Fibonacci retracement level from the $2.7849 high to the $2.2794 low, with further resistance at $2.60.
A decisive move past $2.60 could propel the price toward $2.720, and potentially $2.780 or even $2.80 in the near term. The next notable resistance might emerge around $2.880.
Should XRP fail to surpass the $2.50 resistance zone, it risks another decline. Initial support is indicated around the $2.380 mark or the 100-hourly Simple Moving Average, followed by significant support near $2.280. A downside breach and closure beneath $2.280 may lead to further decline toward the $2.140 support, with the next major support at the $2.050 zone.
Disclaimer: The information provided in this article is for educational purposes only and should not be considered financial or legal advice. Always conduct your own research or consult a professional when dealing with cryptocurrency assets.