XRP prices have encountered resistance above the $2.75 threshold, leading to signs of potential decline below the $2.60 level.
The cryptocurrency surged past $2.50 initially, but is currently trading below $2.60 and the 100-hour simple moving average. A bearish trend line has formed with resistance at $2.60 on the hourly chart for the XRP/USD pair, based on Kraken data. To initiate a fresh upward move, the pair must overcome this $2.60 resistance zone.
Reflecting a trend similar to Bitcoin and Ethereum, XRP rebounded from a $2.00 support level and broke through the $2.20 and $2.45 resistance barriers. Despite an attempt that briefly drove the price above $2.60, sellers exerted pressure around $2.75. After reaching a peak of $2.780, the price began to retract, falling below $2.60 and the critical 23.6% Fibonacci retracement level from the $1.750 low to the $2.780 high.
XRP remains below the $2.60 mark and the 100-hour simple moving average. Resistance at this level is compounded by a bearish trend line observed in the hourly XRP/USD chart. Immediate resistance is identified near $2.70, with the subsequent barrier at $2.780.
Successfully surpassing $2.780 could propel XRP towards $2.940, and potentially as high as $3.000 or $3.050 in the short term. Nevertheless, a major resistance level awaits at $3.120.
Failure to breach the $2.60 resistance might trigger another downward trend for XRP. Initial support is anticipated around $2.260, aligned with the Fibonacci retracement from $1.750 to $2.780. Further support is found at $2.150. A decisive break below $2.150 could lead to further declines, with $2.050 and eventually $2.00 acting as primary support zones.
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.