XRP's Ascent Continues, Bullish Momentum Meets Critical Resistance XRP has initiated a notable recovery, pushing past the $2.50 mark and demonstrating resilience akin to its larger counterparts, Bitcoin and Ethereum. While the cryptocurrency shows promising positive signs, it now confronts a crucial resistance zone that will be pivotal in determining its immediate market direction.
Recovery Path and Immediate Hurdles
After finding robust support above the $2.00 level, XRP successfully climbed past the $2.20 and $2.25 thresholds, entering a more bullish territory. However, the asset is currently grappling with significant resistance around the $2.60 region. A key bearish trend line is also forming on the hourly chart, with resistance identified at $2.660. This level is particularly important as it aligns closely with the 76.4% Fibonacci retracement of the recent downward move from a $3.05 swing high to a $1.40 swing low. A decisive break and close above this $2.660 resistance could pave the way for XRP to test further resistance levels at $2.70, potentially extending gains towards $2.720 and even $2.80.
The Battle for Higher Ground
Should XRP fail to breach the $2.60 resistance zone, a fresh decline could ensue. Initial downside support is projected near $2.450, followed by a more significant major support level at $2.40. If the price were to close below the $2.40 mark, the decline might deepen, potentially pushing XRP towards $2.320, and then further down to the $2.30 and even $2.250 levels. On the technical front, indicators provide a mixed but generally positive outlook; the Hourly MACD for XRP/USD is gaining traction in the bullish zone, and the Hourly Relative Strength Index (RSI) is currently holding above the 50 level, suggesting underlying buying interest despite the overhead resistance.
