XRP's Price Battle: Will the Momentum Hold?

XRP's price has recently attempted a recovery, breaking above the $1.90 mark with a steady upward movement. However, the cryptocurrency is currently encountering significant resistance around the $1.950 level, raising questions about whether its bullish momentum can be sustained or if a fresh decline is imminent.

Navigating Key Resistance Levels

Following its initial climb, XRP managed to trade above $1.910 and surpass the 100-hourly Simple Moving Average, indicating a positive short-term trend. The bulls even pushed the price beyond $1.9420, reaching a high of $1.9578 before a downside correction began. For XRP to maintain its upward trajectory, it must decisively clear the $1.9550 resistance zone. Should it succeed, the price could target the psychological $2.00 barrier, potentially leading to further gains towards $2.050 and even $2.120, with the next major hurdle for buyers appearing at $2.150.

Critical Support and Technical Signals

Despite the recovery attempt, a declining channel or flag pattern has emerged on the hourly chart, signaling potential weakness with resistance at $1.940. If XRP fails to conquer the $1.9550 resistance, it could trigger a fresh wave of selling. Immediate support lies near $1.90, followed by a more substantial support level around $1.8650, which aligns with the 50% Fib retracement of the recent upward move. A breakdown below $1.8650 could see the price drop towards $1.8420, the $1.80 zone, and potentially extending losses to $1.7750. Technical indicators offer mixed signals: the Hourly MACD is losing bullish momentum, while the Relative Strength Index (RSI) hovers near the 50 level, suggesting a period of indecision in the market.