XRP's Recovery Stalls at Critical Resistance: What's Next for the Digital Asset?
XRP (Ripple) has embarked on a fresh recovery wave, demonstrating positive momentum after breaching initial price levels. However, the cryptocurrency now confronts a significant resistance wall, suggesting market momentum may be waning, and setting the stage for a pivotal moment in its short-term trajectory.
The Recent Uptick and Stiff Resistance
The XRP price initiated a robust recovery, pushing past the $2.450 mark and finding strong support above $2.20. This upward movement saw the asset climb above the $2.250 and $2.320 levels, establishing itself in a positive zone, aligning with broader market recoveries seen in Bitcoin and Ethereum. Currently, XRP is trading above $2.520 and its 100-hourly Simple Moving Average. Despite these gains, a formidable barrier lies ahead: a key bearish trend line and major resistance near the $2.650 level on the hourly chart. This point also aligns closely with the 76.4% Fibonacci retracement level, marking it as a critical juncture for future movements.
Pathways to Growth and Potential Downturn
Should XRP successfully breach the $2.650 resistance, it could pave the way for further advances towards $2.70, then potentially $2.720, with a significant next hurdle at $2.80. Conversely, a failure to clear this critical resistance zone could trigger a fresh decline. Initial support on the downside is anticipated near $2.550, followed by a crucial major support level at $2.50. A decisive breakdown below $2.50 could extend the bearish pressure, potentially driving the price towards $2.30, and subsequently to $2.2680 and $2.220. Technical indicators reflect a cautious outlook, with the Hourly MACD showing a loss of pace in the bullish zone and the Hourly Relative Strength Index (RSI) hovering near the 50 level.
