XRP has rebounded significantly from prior losses, climbing towards $2.75. However, it now encounters resistance near $2.70, which might lead to another downturn.
After a robust surge above $2.60, XRP is currently trading below $2.70 and the 100-hour Simple Moving Average. A bearish trend line has emerged, providing resistance at $2.710 on the hourly chart for the XRP/USD pair, as reported by Kraken. Should the price surpass the $2.780 barrier, another upward trend may commence.
Mirroring the movements of Bitcoin and Ethereum, XRP initiated a recovery phase from the $1.75 support level. It quickly broke past the $2.00 and $2.25 resistance levels. The bullish momentum propelled it above $2.50, yet it stumbled below $2.80, peaking at $2.780 before starting a correction.
The price saw a downturn below $2.62, also slipping past the 23.6% Fibonacci retracement level from the $1.750 to $2.780 upswing. Presently, XRP remains under the $2.70 mark and the 100-hourly Simple Moving Average.
The price may encounter resistance at $2.70, supplemented by a newly forming bearish trend line at $2.710 on the hourly chart. Key resistance is at $2.780, followed by $2.80. A successful breach above this threshold could drive the price towards the $2.940 resistance and potentially beyond $3.000 to $3.050 shortly. The subsequent significant challenge for the bulls would be around $3.120.
Should XRP fail to surmount the $2.70 resistance, a decline may ensue. Immediate downward support lies near $2.420, with a major support level at $2.2650 or the 50% Fibonacci retracement point from the $1.750 low to the $2.780 high. A further break and close beneath $2.2650 could prompt a continuation of the decline towards $2.20, with the next substantial support at approximately $2.050.
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.