XRP’s Wild Ride: 🚀 or 🤖?

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Behold, the XRP hath rebounded with such vigor, it hath soared a full quarter above its former despair! Now, it dallies at the $2.65 mark, eyeing the $2.820 threshold with a mixture of trepidation andboldness.

  • The XRP, with a sudden burst of valor, did ascend above the $2.50 barrier.
  • Yet, it now tarries below $2.80, and the 100-hourly Simple Moving Average, as if pondering its next move.
  • A most dramatic break above a bearish trend line, with resistance at $2.420, was observed on the hourly chart of the XRP/USD pair (courtesy of Kraken).
  • The pair, should it muster the courage, might embark upon a fresh increase if it overcomes the $2.820 resistance zone.

XRP Price Recovers Over 25%

The XRP, much like its digital brethren Bitcoin and Ethereum, did commence a fresh decline below the $2.850 zone. The price, alas, fell precipitously below the $2.50 and $2.350 support levels, even descending below $2.00, much to the delight of the bears.

A sharp drop of over 25% did occur, and the price dared to test the $1.75 zone. A low was indeed formed at $1.75, but lo! The bulls did rally, pumping the price above the $2.20 and $2.50 levels. A move above the 61.8% Fib retracement level of the downward journey from the $3.155 swing high to the $1.750 low was also observed.

Moreover, a break above a connecting bearish trend line with resistance at $2.420 on the hourly chart of the XRP/USD pair was noted. The price, however, still lingers below $2.80 and the 100-hourly Simple Moving Average.

On the upside, the price might encounter resistance near the $2.80 level. The first major resistance lies near the $2.820 level and the 76.4% Fib retracement level of the downward move from the $3.155 swing high to the $1.750 low. The next resistance awaits at $2.940.

Should the price surmount the $2.940 resistance, it might then aspire to the $3.00 resistance. Further gains could propel the price toward the $3.050 resistance, or even $3.120 in the near term. The next major hurdle for the bulls might be $3.20.

Another Decline?

If the XRP fails to clear the $2.820 resistance zone, it could indeed commence another decline. Initial support on the downside is near the $2.620 level. The next major support lies near the $2.50 level.

Should a downside break occur and a close below the $2.50 level be achieved, the price might continue its descent toward the $2.450 support. The next major support awaits near the $2.350 zone.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now gaining pace in the bullish zone, as if infused with newfound vigor.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level, indicating a sense of robustness.

Major Support Levels – $2.620 and $2.450, standing as bulwarks against further decline.

Major Resistance Levels – $2.80 and $2.820, the fortresses the XRP must storm to achieve greatness.

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2025-02-04 07:18