XRP Price Climbs Back: Is This The Start of a Bigger Move?

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The cost of XRP has been holding steady around the $1.90 region, hinting at potential recovery. If the bullish trend continues, there’s a possibility that it could push past the $2.35 barrier soon.

  • XRP price started a fresh decline below the $2.25 zone.
  • The price is now trading below $2.320 and the 100-hourly Simple Moving Average.
  • There was a break above a connecting bearish trend line with resistance at $2.22 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair might start another increase if it clears the $2.36 resistance.

XRP Price Eyes Fresh Surge

The cost of XRP dropped further past the $2.30 mark, following similar trends with Bitcoin and Ethereum. It also fell beneath the $2.20 and $2.050 support levels.

The cost dropped below the $2.00 support, hitting a low at $1.898. Currently, it’s recovering some losses. Earlier, there was an upward push that surpassed the $2.20 milestone. The price also went above the 50% Fibonacci retracement level of the downward trend from the $2.64 peak to the $1.898 trough.

Additionally, there was a breakout above a bearish trend line that offered resistance at approximately $2.22 on the hourly chart for the XRP/USD pair. The pair also surged beyond the 61.8% Fibonacci retracement level, which represents a significant pullback point from the high of $2.64 to the low of $1.898.

Currently, the bears are dominating below the $2.40 mark as the trading price dips to about $2.320 and falls beneath the 100-hour Simple Moving Average. On the positive side, potential barriers may be encountered at $2.36. The initial significant resistance lies around the $2.40 level.

Moving forward, a break above $2.475 could potentially push the price towards the $2.550 barrier. If it continues to rise, the price might aim for the $2.650 resistance or even reach as high as $2.720 in the short term. However, a significant challenge for further bullish momentum may arise at approximately $2.880.

Another Decline?

Should XRP struggle to surpass the $2.360 barrier, there’s a possibility of another drop in price. A potential floor for this downtrend could be around $2.150. If the decline continues, significant support might be found at approximately $2.050.

As a researcher, if the price experiences a significant drop and closes below the $2.050 mark, I anticipate that it could further decrease, potentially reaching the $1.880 level of support. The next substantial area of potential support can be found around the $1.750 zone.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.

Major Support Levels – $2.1500 and $2.0500.

Major Resistance Levels – $2.3500 and $2.4750.

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2024-12-11 07:16