XRP Price Pulls Back Slightly — Market Still Poised for Fresh Advance
XRP's price recently experienced a rise above $2.50 but is now correcting some gains. It is trading near $2.40, close to the 100-hourly Simple Moving Average. There is short-term resistance at $2.440, with potential further gains if the price clears the $2.50 resistance. A successful break above $2.550 could push the price toward $2.620 or higher levels up to $2.750. However, failure to break $2.50 might lead to a fresh decline, with key support levels at $2.3650 and $2.320. Further losses could drop the price to $2.250 or lower. The hourly MACD indicates bearish momentum, and the RSI is below 50, signaling possible downside continuation.
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XRP Begins Upward Movement
XRP price started a decent increase above $2.50. The price is now in a correction phase but might aim for another increase if it stays above the $2.320 level. XRP price faced a downside correction from the $2.580 zone. At present, it is trading near $2.40 and the 100-hourly Simple Moving Average (SMA). Additionally, a short-term bearish trend line is forming, with resistance near the $2.440 level, as seen on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could continue its upward movement if it clears the $2.50 resistance level.
XRP Price Trims Some Gains
XRP price initiated a strong upward move above $2.420 and $2.50, similar to Bitcoin and Ethereum. It gained momentum to break the $2.550 resistance level, forming a high at $2.580. Then, it started a downward correction, falling below the $2.50 support level and retracing below the 50% Fibonacci retracement level, which was measured from the $2.240 swing low to the $2.580 high. Now, XRP is trading near $2.40 and the 100-hourly SMA.
Key Resistance Levels
If there is a fresh upward move, the price is likely to face resistance near $2.450, with another short-term bearish trend line forming resistance at $2.440. The first major resistance is near the $2.50 level, and a successful move above this could lead to testing $2.550. A clear breakout above $2.550 might further push the price toward $2.620. Subsequent gains could take the price to $2.680, while the next major hurdle for bulls lies around $2.750.
Possible Losses if Resistance is Not Cleared
If XRP fails to clear the $2.50 resistance zone, it might start a fresh decline. The initial support on the downside is near $2.3650, which aligns with the 61.8% Fibonacci retracement level of the upward move from $2.240 to $2.580. The next key support level is at $2.320. A downside break and close below this could trigger a further decline toward $2.250. If selling pressure persists, the price might drop to $2.20 and could even test the $2.120 support zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD has slipped below the 50 level, indicating bearish momentum.
Major Support Levels – $2.3650 and $2.320.
Major Resistance Levels – $2.450 and $2.50.