The price of XRP remains stable above the key support level of $2.20. Currently, it is consolidating and shows potential for a fresh increase above the $2.40 resistance.
XRP Holds Steady Above $2.20
Unlike Bitcoin and Ethereum, XRP has managed to hold its ground above the important support level of $2.20. The recent low was recorded at $2.17, with the price trading within a range below the $2.40 mark.
A slight uptick has been observed, with the price climbing above $2.25 and $2.30. XRP also broke past the 23.6% Fibonacci retracement level of the decline from the $2.72 swing high to the $2.17 low. However, it is currently trading below $2.40 and the 100-hour simple moving average.
Resistance Levels on the Path to Growth
The price is facing resistance near the $2.35 level, where a bearish trendline is forming on the hourly chart of the XRP/USD pair (data source: Kraken). The first major resistance is located near $2.40. If XRP manages to break above this level, the next resistance could be at $2.45, aligning with the 50% Fibonacci retracement level of the recent decline.
A clear move above the $2.45 resistance might pave the way for a rise toward $2.50 and potentially $2.55 or even $2.62. The key barrier for a bullish trend could be the resistance at $2.80.
Could XRP Decline Further?
If XRP fails to break through the $2.40 resistance zone, it might face another decline. The initial support level is near $2.25, with key support remaining at $2.20.
A break below the $2.20 level could drive the price down toward $2.05. The next significant support is located at the $2.00 level.
Technical Indicators
Hourly MACD: The MACD for the XRP/USD pair is losing momentum in the bearish zone.
Hourly RSI: The RSI for the XRP/USD pair is currently below the 50 level.
Key Support and Resistance Levels
Support: $2.20 and $2.05.
Resistance: $2.35 and $2.40.
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