XRP's Recovery Bid Hits a Wall: Bulls Battle Key Resistance Levels
XRP's recent attempt at a recovery wave above the $2.850 zone has hit significant resistance, leaving traders on edge. The digital asset is currently struggling to breach the crucial $3.00 mark, with analysts warning of a potential decline if bulls cannot overcome this formidable barrier and push past key resistance levels.
XRP Price Faces Uphill Battle
After finding support near the $2.680 mark, XRP initiated a recovery, outperforming both Bitcoin and Ethereum momentarily. The price successfully pushed past the $2.80 and $2.85 resistance levels, even surpassing the 50% Fibonacci retracement level of the recent decline from a high of $3.138 to a low of $2.678. However, the momentum stalled as bears aggressively defended the $3.00 psychological resistance, leading to a downward correction. Currently trading around $2.90, close to the 100-hourly Simple Moving Average, XRP also faces a connecting bullish trend line with support at $2.850 on the hourly chart.
The Looming Threat of Further Decline
Should XRP fail to convincingly clear the $2.9620 resistance zone, a continued downward trajectory is likely. Immediate support lies near $2.880, with the next major support zone at $2.850, coinciding with the aforementioned trend line. A decisive break and close below the $2.850 level could accelerate losses, pushing the price towards $2.780. Further bearish momentum might then target the $2.70 zone, where the asset could face intensified selling pressure. Technical indicators, such as the Hourly MACD for XRP/USD, are showing increasing bearish momentum, and the Hourly RSI is positioned below the 50 level, reinforcing the caution among traders. Key Price Levels to Watch:
- Major Support Levels: $2.880, $2.850
- Major Resistance Levels: $2.9620, $3.00
