XRP Price Tests Critical Barrier: Will Bulls Lose Steam?
XRP price recovered most losses and rallied toward $2.75. The price is now facing hurdles near the $2.70 zone and might start another decline.
- XRP price started a strong upward move above the $2.60 level.
- The price is now trading below $2.70 and the 100-hourly Simple Moving Average.
- There is a new connecting bearish trend line forming with resistance at $2.710 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might start a fresh increase if it clears the $2.780 resistance zone.
XRP Price Recovery Faces Resistance
XRP price started a recovery wave from the $1.75 support zone, like Bitcoin and Ethereum . The price gained pace for a move above the $2.00 and $2.25 resistance levels.
The bulls pumped the price above the $2.50 and $2.550 levels. However, the bears remained active below the $2.80 level. A high was formed at $2.780 and the price is now correcting gains. There was a move below the $2.62 level.
The price dipped below the 23.6% Fib retracement level of the upward move from the $1.750 swing low to the $2.780 high. The price is now trading below $2.70 and the 100-hourly Simple Moving Average.
On the upside, the price might face resistance near the $2.70 level. There is also a new connecting bearish trend line forming with resistance at $2.710 on the hourly chart of the XRP/USD pair. The first major resistance is near the $2.780 level. The next resistance is $2.80.
Source: XRPUSD on TradingView.comA clear move above the $2.80 resistance might send the price toward the $2.940 resistance. Any more gains might send the price toward the $3.000 resistance or even $3.050 in the near term. The next major hurdle for the bulls might be $3.120.
Another Decline?
If XRP fails to clear the $2.70 resistance zone, it could start another decline. Initial support on the downside is near the $2.420 level. The next major support is near the $2.2650 level or the 50% Fib retracement level of the upward move from the $1.750 swing low to the $2.780 high.
If there is a downside break and a close below the $2.2650 level, the price might continue to decline toward the $2.20 support. The next major support sits near the $2.050 zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major Support Levels – $2.420 and $2.2650.
Major Resistance Levels – $2.70 and $2.780.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
After bitcoin returns to $90,000, is Christmas or a Christmas crash coming next?
This Thanksgiving, we are grateful for bitcoin returning to $90,000.
Bitcoin security reaches a historic high, but miner revenue drops to a historic low. Where will mining companies find new sources of income?
The current paradox of the Bitcoin network is particularly striking: while the protocol layer has never been more secure due to high hash power, the underlying mining industry is facing pressure from capital liquidation and consolidation.
What are the privacy messaging apps Session and SimpleX donated by Vitalik?
Why did Vitalik take action? From content encryption to metadata privacy.
The covert war escalates: Hyperliquid faces a "kamikaze" attack, but the real battle may have just begun
The attacker incurred a loss of 3 million in a "suicidal" attack, but may have achieved breakeven through external hedging. This appears more like a low-cost "stress test" targeting the protocol's defensive capabilities.
Trending news
MoreCrypto prices
More
