XRP Price Shows Signs of Recovery, Indicates Possible Bullish Trend

XRP has initiated a recovery after a notable decline, having dropped below the $2.00 mark. Currently, it is rebounding from a low of $1.820, with potential challenges ahead around the $2.150 level.

Key Takeaways

XRP's price has bounced back from a low of $1.820, attempting to break resistance levels.
Currently trading above $2.00 and the 100-hourly Simple Moving Average.
A significant bearish trend line has been breached at the $2.00 mark.
Continued upside momentum will depend on closing above the $2.150 level.

XRP Price Pops and Drops

Recovery of XRP Price

Recently, XRP faced significant selling pressure, dropping below the crucial $2.00 support—similar to movements witnessed in Bitcoin and Ethereum. At one point, it fell to nearly $1.90 before bullish traders stepped in. The lowest point recorded was $1.8177, and the price is now making attempts to reclaim lost ground.

The price has managed to move past the $1.88 and $1.95 levels, driven by bullish momentum. Notably, it broke the 50% Fibonacci retracement level of the downward movement from the $2.140 peak to the low of $1.817. Furthermore, a critical bearish trend line with resistance at $2.00 on the hourly chart of the XRP/USD pair has been penetrated.

Currently, XRP is trading above the $2.00 threshold and the 100-hourly Simple Moving Average. It has also surpassed the 76.4% Fibonacci retracement level of the decline from the $2.140 swing high to the $1.817 low.

XRP Price Chart
Source: XRPUSD on TradingView.com

If the price continues to rise, it may encounter resistance near the $2.120 mark, with the first significant resistance point established around $2.150. A close above this level could propel the price to $2.20, with further resistance at $2.250. Escalating above $2.250 might lead to a test of the $2.320 region, and continuous gains could drive the price toward the $2.350 mark. The bulls will need to work hard to approach the significant obstacle at the $2.40 level.

What Happens If There’s a Decline?

Should XRP fail to surpass the $2.150 resistance area, it might trigger another decline. Initial support is expected at the $2.00 level, followed by the next major support at $1.980.

In the event of a downward breach and if the price closes below $1.980, it could lead to further losses, potentially targeting $1.880. The next significant support level lies around $1.8450; if the price dips below this zone, it could continue descending towards $1.80.

Technical Indicators

Hourly MACD: The MACD for XRP/USD is picking up momentum in the bullish territory.
Hourly RSI (Relative Strength Index): Currently stands above the 50 mark.
Major Support Levels: $1.980 and $1.880.
Major Resistance Levels: $2.150 and $2.250.

This structured overview provides a clearer understanding of XRP's current market behavior, making it easier for beginners to track the price movements in the crypto space while being equipped with essential technical insights.