XRP Price at Tipping Point – Will It Explode or Collapse?
XRP is currently navigating a critical juncture, attempting to solidify its recovery above the $2.720 mark. Market analysts are closely watching its movements, suggesting a potential acceleration if the cryptocurrency successfully breaches the $2.880 resistance level. The coming hours could dictate whether XRP continues its upward trajectory or faces another significant decline.
XRP Targets Upside Break Amidst Recovery Efforts
Following a rebound that saw it maintain stability above the $2.70 level, XRP has mirrored the recovery patterns of major cryptocurrencies like Bitcoin and Ethereum. It successfully climbed past resistance points at $2.75 and $2.80, and notably moved above the 23.6% Fibonacci retracement level of its recent downward move from a $3.040 high to a $2.70 low. A bullish trend line, offering crucial support at $2.825 on the hourly chart (Kraken data), is currently forming. If bulls can defend the $2.780 support, XRP could see further increases, with immediate resistance anticipated near $2.870. The first significant hurdle for XRP lies around the $2.920 level, which aligns with the 61.8% Fibonacci retracement. A decisive breakthrough above this point could propel the price towards $2.980, and potentially test the $3.00 psychological barrier, with the next major resistance at $3.050.
The Risk of Another Decline and Key Support Levels
Despite the bullish attempts, a failure by XRP to clear the $2.920 resistance zone could trigger a downward movement. Initial support on the downside is located near $2.820, followed by a major support level at $2.780. A sustained close below this $2.780 mark might send the price tumbling towards $2.70. Beyond that, the $2.650 zone represents the next critical support, a breach of which could intensify bearish momentum in the market. From a technical perspective, the hourly MACD for XRP/USD is currently losing pace in the bearish zone, while the Hourly Relative Strength Index (RSI) is positioned above the 50 level, indicating mixed but cautious sentiment. Key support levels to watch are $2.780 and $2.70, with major resistance levels at $2.870 and $2.920.
