As a seasoned crypto investor with a knack for spotting trends and navigating market volatility, I find myself intrigued by XRP‘s current position. After a modest climb above the $2.25 zone, it’s now grappling to break through the $2.350 resistance.
After a brief recovery, the XRP price has surpassed the $2.25 mark. However, it’s having difficulty breaking through the resistance at $2.350.
- XRP price is attempting a fresh increase above the $2.250 resistance zone.
- The price is now trading above $2.25 and the 100-hourly Simple Moving Average.
- There is a connecting bullish trend line forming with support at $2.285 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might start a decent increase if it clears the $2.350 resistance.
XRP Price Faces Hurdles
The cost of XRP began a new climb surpassing the $2.20 support point, similar to Bitcoin and Ethereum. It experienced a notable rise beyond the $2.25 and $2.30 thresholds.
Initially, the price approached the $2.35 mark but dropped slightly after bears emerged in the market. A peak was reached at $2.348, and currently, there’s a pause as the price stabilizes its upward momentum. There was a brief dip below the 23.6% Fibonacci retracement line of the rise from the $2.130 trough to the $2.348 peak.
currently, the price of XRP/USD is being traded above $2.25 and is aligning with the 100-hour Simple Moving Average. Additionally, a bullish trend line is emerging, providing support at approximately $2.285 on the hourly chart for this pair.
Positively, there could be a barrier for the price around $2.32. The primary obstacle appears at approximately $2.35. Following this, another potential hurdle emerges at $2.40. Overcoming the $2.40 barrier might propel the price towards the $2.50 resistance.
Any more gains might send the price toward the $2.550 resistance or even $2.650 in the near term. The next major hurdle for the bulls might be $2.720.
Another Decline?
If XRP doesn’t manage to surpass the $2.350 barrier, there’s a possibility it might slide again. The initial floor could be around $2.28 and the trend line, with the next substantial support potentially at $2.240 or the 50% Fibonacci retracement point of the upward journey from the $2.130 low to the $2.348 high.
Should a significant drop occur and the price falls below the $2.240 mark, it could potentially lead to further decreases, aiming for the $2.20 level as potential support. The following substantial support is anticipated around the $2.050 region.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $2.280 and $2.240.
Major Resistance Levels – $2.350 and $2.40.
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2024-12-25 07:16