XRP Price Retreats from Recent Highs as the Market Reassesses Bullish Momentum

XRP price recently experienced an increase past the $2.120 mark but is currently undergoing a correction and may find it challenging to maintain a positive trajectory.

Key Takeaways

XRP price has begun to decline, testing the $2.080 level.
The price is currently trading below $2.120 and the 100-hourly Simple Moving Average.
A bearish trend line has formed, with resistance at $2.110 on the hourly chart for the XRP/USD pair (data sourced from Kraken).
A fresh upward movement could occur if XRP surpasses the $2.150 level.

XRP Price Struggles to Hold

XRP Price Declines Once More

XRP’s price commenced a downward correction from the $2.220 region, mimicking trends seen in Bitcoin and Ethereum. The price fell below the $2.20 and $2.150 thresholds, entering a phase of consolidation. It also dipped beneath the 50% Fibonacci retracement level of the rise from the swing low of $1.984 to the $2.220 high. In this context, a bearish trend line has emerged, showing resistance at $2.110 on the hourly chart for the XRP/USD pair. Nonetheless, buyers remain active, keeping the price above the $2.080 support level.

Currently, the price is trading below $2.10 and the 100-hourly Simple Moving Average. If there is a resurgence, XRP may encounter resistance around the $2.110 mark and the formed trend line.

XRP Price
Source: XRPUSD on TradingView.com

The first significant resistance is located just above the $2.150 range. Surpassing this level could allow the price to climb and test the $2.220 mark. A decisive breakthrough over the $2.220 resistance may propel the price towards $2.2850 or even to the $2.350 resistance level. The next substantial challenge for the bulls could be at around $2.420.

Potential for Further Decline

If XRP struggles to break through the $2.150 resistance zone, a fresh decline could begin. Initial downside support is situated around the $2.080 level and the 61.8% Fibonacci retracement level corresponding to the upward movement from $1.984 to $2.220. The next critical support lies near $2.040.

Should the price break below and close under the $2.040 level, it may continue to decline toward the $2.00 threshold. The subsequent major support appears around the $1.9850 area, where further drops could lead to a price situated near $1.920.

Technical Indicators

Hourly MACD: The MACD for XRP/USD is gaining momentum in the bearish territory.
Hourly RSI (Relative Strength Index): The RSI for XRP/USD is currently below the 50 level.
Major Support Levels: $2.080 and $2.040
Major Resistance Levels: $2.110 and $2.150

By following these trends, traders can better understand XRP's price movements and make informed decisions in the cryptocurrency market.