XRP Holds Steady Above Key Support: Will Bulls Ignite a Rally?
XRP's price is currently consolidating above the crucial $2.920 support zone, indicating a potential struggle between bullish and bearish forces. After a recent downside correction, the cryptocurrency is poised for a significant move, with eyes on breaking above the $3.050 resistance.
Consolidation and Key Levels
The XRP price experienced a correction from its recent high of $3.0850, dipping below the $3.050 and $3.000 thresholds. This decline also saw a break below a key contracting triangle at $3.020 and the 23.6% Fibonacci retracement level of the upward move from $2.824 to $3.080. However, strong buying interest emerged near the $2.950 mark, with bulls actively defending the 50% Fib retracement level. XRP is presently trading around $2.980, close to its 100-hourly Simple Moving Average, suggesting a delicate balance.
Outlook: Bullish Surge or Further Dip?
For a bullish resurgence, XRP must overcome immediate resistance at $3.020, followed by the significant $3.080 level. A decisive break above $3.080 could propel the price towards $3.120, and potentially higher to $3.150, with the next major hurdle set at $3.20. Conversely, a failure to clear the $3.080 resistance could trigger a renewed decline. Initial downside support lies at $2.950, with a more critical level at $2.9220. Should XRP breach $2.9220, the price might fall towards $2.840, potentially accelerating bearish momentum if it dips below $2.780. Technical indicators, such as the hourly MACD losing pace in the bearish zone and the RSI falling below 50, currently lean towards caution.
