XRPUSD +2.99%
XRPBTC +1.57%
XRPUSDT +2.98%
XRP experienced a sharp decline, testing the $2.650 support level before staging a strong recovery. The price is now showing bullish signs, trading above the $3.00 mark.
Key Takeaways:
XRP dropped below the $3.00 support but quickly rebounded.
The price remains below $3.120 and the 100-hourly Simple Moving Average.
A break above a bearish trend line at $2.950 was seen on the hourly chart of XRP/USD (data from Kraken).
The pair faces key resistance at $3.10 and $3.12.
XRP Dips Before Rebounding Strongly
XRP struggled to break past the $3.050 resistance, leading to a downside correction similar to Bitcoin and Ethereum. The price fell below key support levels at $3.00 and $2.80, even briefly dipping under $2.720.
A low was established at $2.6562 before XRP rebounded sharply. The price surged past $2.80 and $2.85, breaking through the 50% Fibonacci retracement level of the drop from $3.207 to $2.6562.
Additionally, the price surpassed a bearish trend line at $2.950. Currently, XRP is still trading below $3.120 and the 100-hourly SMA, signaling ongoing resistance.
On the upside, the price faces resistance around $3.10, aligning with the 76.4% Fibonacci retracement level of the recent downward move. The first major resistance stands at $3.120, followed by a key barrier at $3.150.
A decisive move above $3.150 could trigger further gains toward $3.20. If momentum continues, XRP could aim for $3.250 or even $3.350 in the near term. The next significant bullish target would be $3.450.
Potential Downside Risks
If XRP fails to overcome the $3.10 resistance, another downward correction could begin. Initial support lies at $3.00, with stronger support at $2.950.
A break below $2.950 might push the price further down to $2.880, with the next key support around $2.750.
Technical Indicators:
Hourly MACD: Gaining momentum in the bullish zone.
Hourly RSI: Holding above 50, signaling positive momentum.
Major Support Levels: $3.00, $2.950
Major Resistance Levels: $3.100, $3.120
XRP remains at a critical juncture, with bullish momentum aiming for higher levels while downside risks persist. Traders should watch key resis
tance zones for confirmation of further gains.
Disclaimer:
The information provided in this article is for informational and educational purposes only and should not be considered financial or investment advice. Cryptocurrency markets are highly volatile, and prices can fluctuate rapidly. Always conduct your own research and consult with a financial advisor before making any investment decisions. The author and publisher are not responsible for any financial losses incurred based on the information presented. Trading and investing in cryptocurrencies involve significant risks, and past performance does not guarantee future results.
