It appears our dear friend XRP has taken a rather unfortunate tumble, struggling to maintain its dignity above the $2.75 mark. Alas, it seems to be on a downward spiral, possibly flirting with the $2.250 threshold. Oh, the drama! ðŸŽ
- Our gallant XRP commenced a fresh descent after failing to conquer the lofty heights of $2.80. One might say it has a penchant for the dramatic!
- Currently, it finds itself trading below $2.60, and the 100-hourly Simple Moving Average is giving it the cold shoulder. How rude!
- There’s a rather ominous bearish trend line forming, with resistance at $2.50 on the hourly chart of the XRP/USD pair (data courtesy of our friends at Kraken).
- Should it muster the courage to breach the $2.60 resistance zone, we might witness a fresh increase. Fingers crossed! 🤞
XRP Price Takes a Nosedive
In a valiant attempt to recover, XRP surged above the $2.20 support zone, much like its illustrious cousins, Bitcoin and Ethereum. It even managed to gain some momentum above the $2.250 and $2.400 resistance levels. Bravo!
However, the bulls, bless their hearts, were met with the fierce resistance of the bears near the $2.75 level. A high was reached at $2.780, but now it seems to be retreating. It dipped below the $2.560 mark, testing the 50% Fib retracement level from the $1.750 swing low to the $2.780 high. Quite the rollercoaster ride! 🎢
At present, XRP is trading below $2.550, and the 100-hourly Simple Moving Average is giving it the side-eye. On the upside, it may encounter resistance near the $2.50 level, with that pesky bearish trend line looming ominously.
The first major resistance is lurking near the $2.60 level, with the next one at $2.70. Should it manage to clear the $2.70 resistance, we might just see it gallivanting towards the $2.80 mark. Any further gains could propel it towards the $2.920 resistance or even the elusive $3.00 in the near future. The next major hurdle for our bullish friends could be $3.050. What a spectacle! 🎉
More Losses on the Horizon?
If XRP fails to conquer the $2.50 resistance zone, we may be in for another decline. The initial support on the downside is hovering near the $2.260 level, with the next major support lurking at $2.1450, or the 61.8% Fib retracement level from the $1.750 swing low to the $2.780 high. Quite the precarious position!
Should there be a downside break and a close below the $2.1450 level, we might witness a further decline towards the $2.00 support. The next major support is nestled near the $1.880 zone. Oh dear!
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining momentum in the bearish zone. How delightful!
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level. A rather dismal affair!
Major Support Levels – $2.260 and $2.1450.
Major Resistance Levels – $2.50 and $2.60.
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2025-02-07 07:18