XRP price has been experiencing a downside correction below the $2.50 support level. Currently, the price is consolidating near $2.20 and may be gearing up for a fresh increase above the $2.45 level. Despite its attempts to clear the $2.70 resistance, XRP has faced challenges and corrected gains. The price fell below $2.50 and $2.40 levels, forming a low at $2.166 before starting to correct losses.
The XRP price is now trading below $2.50 and the 100-hourly Simple Moving Average, indicating some bearish pressure. However, there are signs of potential bullish movement as the bulls managed to push the price back above $2.20 and $2.25 levels. The resistance levels to watch for are near $2.40 and $2.50, with the possibility of a further increase if the $2.50 resistance is cleared. A key bearish trend line has formed with resistance at $2.50 on the hourly chart of the XRP/USD pair.
In case XRP fails to surpass the $2.50 resistance zone, it could lead to another decline towards the $2.250 support level. The price might continue to trend downwards if it breaks and closes below $2.20, potentially targeting the $2.050 support and the trend line. On the upside, the next major resistance levels to watch for are $2.40 and $2.50, followed by $2.550 and beyond.
Technical indicators such as the Hourly MACD and Hourly RSI are showing signs of bullish momentum losing pace, with the RSI currently below the 50 level. Major support levels for XRP price are at $2.2000 and $2.0500, while major resistance levels stand at $2.4000 and $2.5000. The next major hurdle for the bulls could be the $3.00 level if a clear move above $2.550 resistance is achieved, paving the way for potential further gains.
Overall, XRP price is currently facing a critical juncture as it navigates key support and resistance levels. Traders and investors will be closely monitoring the developments to gauge the direction of the price movement in the near term. As the cryptocurrency market continues to exhibit volatility, it will be interesting to see how XRP performs in the coming days and whether it can sustain a bullish trajectory towards higher levels.
