XRP Price Momentum Stalls: Bulls Fails to Break Through

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As a seasoned researcher with years of experience in the crypto market, I find myself observing XRP‘s price behavior with keen interest. The recent attempt to break above the $2.350 resistance zone is a familiar pattern that has played out numerous times in the past. While the price is currently trading above $2.25 and the 100-hourly Simple Moving Average, it’s not the first time we’ve seen this dance.

The value of XRP has made an effort to surge past the barrier at around $2.350, but it’s finding resistance and is gradually sliding downwards towards the $2.20 support level instead.

  • 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 key declining channel forming with resistance at $2.288 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair might start a decent increase if it clears the $2.30 resistance.

XRP Price Fails Again

The cost of XRP began a new climb surpassing the $2.20 support barrier, similar to Bitcoin and Ethereum. Notably, it showed a notable rise beyond the $2.25 and $2.30 thresholds.

Initially, the price reached as high as $2.35, but then bears emerged, leading to a peak at $2.348. Now, the price seems to be retreating after its advance. A drop below the $2.30 mark was observed, and the price fell even lower than the 23.6% Fibonacci retracement level, which is derived from the upward trend between the $2.130 swing low and the $2.348 high.

Currently, the price is moving above $2.25 and surpassing the 100-hour Simple Moving Average. If it continues to rise, potential obstacles could be encountered around the $2.288 mark. Additionally, a significant downward trendline, with resistance at $2.288, is forming on the hourly chart of XRP/USD pair.

Initial significant resistance can be found around the $2.30 mark. Subsequent resistance lies at $2.35. A decisive breakthrough above the $2.35 resistance could potentially push the price towards the next hurdle at $2.50.

Further increases could potentially push the price up towards the $2.550 or even $2.650 resistance levels in the short term. The main challenge for the bulls may lie at around $2.720 next.

Another Decline?

If XRP doesn’t manage to break through the $2.30 resistance, it might trigger another drop. The initial floor for this decline could be around $2.24. Subsequently, significant support lies at either the $2.210 level or the 61.8% Fibonacci retracement point of the upward journey from the $2.130 low to the $2.348 high.

If the price dips beyond $2.210 with a subsequent drop, it could potentially fall further towards the $2.150 support level. A significant lower support can be found in the vicinity of $2.050.

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 below the 50 level.

Major Support Levels – $2.240 and $2.210.

Major Resistance Levels – $2.300 and $2.350.

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2024-12-26 07:16