Amidst a volatile cryptocurrency market, XRP recently attempted a recovery, pushing past the $1.950 mark. However, this bullish momentum appears to be faltering, as the digital asset now faces formidable resistance near the crucial $2.00 threshold, signaling a potential shift towards bearish trends.
XRP's Battle Against Key Resistance
After finding support above $1.8650, XRP embarked on a recovery wave, mirroring movements seen in Bitcoin and Ethereum. The token successfully ascended past $1.90 and $1.920, even breaching the 50% Fibonacci retracement level of a recent downtrend and briefly touching $1.980. Despite these gains, the bulls could not sustain the rally, ultimately failing to break through the psychological and technical resistance at $2.00. Currently, XRP is trading below both the $2.00 mark and its 100-hourly Simple Moving Average, with a bearish trend line actively forming at the $2.00 level on hourly charts. Should XRP manage to overcome the $2.00 resistance, the path could clear for further ascent. Potential upside targets include $2.0650, followed by $2.10, $2.150, and possibly extending to $2.20, with the next significant hurdle for buyers lying near $2.250. Breaking these levels would indicate a renewed bullish drive.
Downside Risks and Critical Support Levels
Conversely, a failure to decisively clear the $2.00 resistance zone could trigger a fresh wave of declines for XRP. Immediate support rests at $1.920, with a more substantial floor near $1.90. A sustained break below the $1.90 level could exacerbate selling pressure, potentially driving the price down towards $1.8650. Further major support levels are identified around $1.820, and in a more pronounced downturn, the price could slide to $1.750. Technical indicators, such as the Hourly MACD, show a loss of bullish momentum, while the Hourly RSI remains above 50, suggesting a precarious balance in the short-term outlook.
