The attempt to exceed $2.50 failed for XRP’s price, resulting in a slight correction. Currently, the price is consolidating as it seeks to surpass the $2.40 resistance.
The struggle continues for XRP’s price to break through the $2.40 threshold.
Trading below $2.350 and the 100-hourly Simple Moving Average.
A short-term rising channel support at $2.390 was breached on the hourly chart of the XRP/USD pair (data from Kraken).
A new uptrend may commence if the price holds above the $2.250 support level.
XRP Price Declines Below $2.32
Despite failed attempts to surpass $2.48 and $2.50, XRP’s price witnessed a reaction to the downside, albeit limited compared to Bitcoin and Ethereum. The support levels of $2.40 and $2.32 were breached.
Furthermore, the hourly chart of the XRP/USD pair saw a breakdown below a short-term rising channel with support at $2.390. A consolidation phase ensued with the last swing low at $2.26. The price managed to surpass $2.32 and the 23.6% Fib retracement level from the recent decline between $2.47 to $2.26.
Currently trading below $2.350 and the 100-hourly Simple Moving Average, the price could encounter resistance near $2.365 or the 50% Fib retracement level. The primary resistance lies around $2.40, followed by $2.42. A breakthrough above $2.42 could pave the way towards $2.50. Further gains may propel the price towards $2.650 or $2.6650, with a potential obstacle at $2.720.
Potential for Further Declines?
Failure to breach the $2.350 resistance could signal a subsequent downtrend for XRP. Initial support rests at $2.300, followed by a significant level near $2.250.
If a downside breakthrough occurs below $2.250, the price may extend its decline towards the $2.20 level, with substantial support around $2.120.
Technical Indicators
Hourly MACD – XRP/USD’s MACD shows bearish momentum.
Hourly RSI (Relative Strength Index) – RSI for XRP/USD is currently below the 50 mark.
Major Support Levels – $2.30 and $2.250.
Major Resistance Levels – $2.3650 and $2.400.
The post XRP Price Correction: Bulls Remain Optimistic with Limited Downside appeared first on Crypto Breaking News.
