XRP's recent price correction from the $2.750 resistance level remains promising, with potential to surpass this zone.
The cryptocurrency experienced a resurgence above the $2.620 mark. It currently trades above $2.620, maintaining its position above the 100-hour Simple Moving Average. A bearish trend line emerges with resistance around $2.720 on the hourly chart of the XRP/USD pair, based on Kraken data. Overcoming the $2.720 resistance could trigger a fresh upward move.
XRP has consistently held above the $2.550 support level. Establishing a base allowed it to sharply rise beyond $2.62, surpassing both Bitcoin and Ethereum. This upward momentum cleared the $2.650 and $2.680 levels, moving past the 61.8% Fibonacci retracement from the $2.8320 high to the $2.470 low.
Nevertheless, sellers have firmly established resistance near $2.750, preventing a close above the 76.4% Fibonacci retracement level of the recent downward wave. The price is currently below $2.70 but remains above $2.720 alongside the 100-hour Simple Moving Average. A connecting bearish trend line indicates potential resistance at $2.720 on the hourly chart.
Key resistance levels are identified at $2.750 and $2.80. Surpassing $2.80 may propel the price towards $2.850, with further gains possible up to $2.920 or $2.950 in the short term. Bulls could face their next significant challenge at $3.00.
Failure to overcome the $2.720 resistance might lead to another downturn. The initial support level is around $2.650, with a more substantial support zone near $2.60. A decisive break below $2.60 may push the price towards the $2.550 support, with further declines possibly reaching the $2.50 area.
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.