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After a strong rise, a correction is welcomed, and the XRP price holds the support at $2.22.
The price of XRP (Ripple) once strongly broke through the $2.30 mark and performed prominently among various mainstream coins.
However, after reaching a local high of $2.359, the price has retraced and is currently consolidating around $2.22, testing the key support range.
Although short-term pressure is present, XRP still maintains a relatively high position, and the market is focused on whether it can bounce back using the support.
The bulls have temporarily lost, and the price is testing key technical areas.
The XRP price has fallen below the short-term supports of $2.30 and $2.280, retreating to $2.2220 to form a temporary bottom.
The price is consolidating above $2.2220 and has not effectively broken through the 23.6% Fibonacci retracement level (from the $2.359 high to the $2.2220 low).
The price is operating below the 100-hour moving average, and the short-term trend is slightly weak.
A contracting triangle is forming, and the market may welcome a turning point.
From a technical perspective, the XRP/USD hourly chart is forming a contracting triangle structure, with the support line near $2.22 and the resistance line close to $2.2650.
Once the price breaks through the upper resistance, the primary target will be $2.280, followed by a challenge at the $2.30 mark.
If it successfully stands above this range, XRP is expected to open up an upward space towards $2.35 or even $2.42.
If support is lost, it may face new downward pressure.
Technical Indicator Overview
MACD: Currently in the bearish zone in the short term, momentum is slowing.
RSI: Below the 50 level, indicating insufficient bullish momentum.
Support levels: $2.22, $2.20.
Resistance levels: $2.2650, $2.30, $2.35.
Summary: The market is in a tug-of-war between bulls and bears, and key positions need to be closely monitored.
Currently, XRP is in a critical stage of the bull-bear battle.
If the price can hold above support and break through short-term resistance, it is expected to regain upward momentum and challenge higher targets; conversely, if support is lost, the risk of short-term adjustment will increase.
Investors should closely monitor the performance of the two key points at $2.22 and $2.2650 to determine the next direction of the trend.
‼️ Risk Warning: Investment involves risks. As an investor, you should understand all risks in advance and make cautious investment decisions independently.
‼️ All account information is for reference only and does not constitute any investment advice. If you have any questions or need assistance, please contact me.
