XRP Price Stabilizes at Support as Bulls Test Potential Gains

XRP's price has initiated a recovery trend beyond the $2.10 mark. While there are signs of improvement, it may face challenges in overcoming the $2.220 resistance.

Key Takeaways

XRP's price has shown an upward recovery above the $2.10 threshold.
Currently, it trades below $2.120 and the 100-hourly Simple Moving Average.
A significant break occurred over a bearish trend line at $2.080 on the XRP/USD hourly chart (data from Kraken).
The price may continue its rise if it surpasses the $2.220 resistance level.

XRP Price Stabilizes at Support

XRP's Price Aims for Continued Growth

XRP's price has found support above the $2.020 mark and has started a recovery wave, mirroring movements in Bitcoin and Ethereum. It climbed past the $2.080 and $2.10 points, entering a short-term positive territory.

Additionally, XRP's price crossed the 23.6% Fibonacci retracement level of the recent downturn from a high of $2.416 to a low of $2.034. A bullish trend line at $2.080 was also broken on the XRP/USD hourly chart.

Currently, XRP is trading above $2.120 and above the 100-hourly Simple Moving Average. If the price sees additional upward movement, it could face resistance at the $2.220 level, which aligns with the 50% Fibonacci retracement from the previous swing high ($2.416) to the low ($2.034).

XRP Price Chart
Source: XRPUSD on TradingView.com

The first critical resistance lies around the $2.250 level. If XRP closes above this point, it may rise to $2.320. Further resistance is anticipated at $2.350, and a successful move past this could push the price toward the $2.40 and even $2.420 resistance levels. Another significant challenge for bullish traders will be around the $2.450 mark.

Potential for a Downturn

Should XRP fail to break through the $2.220 resistance zone, a fresh decline could ensue. Initial support on the downside is positioned near $2.120, with the following major support close to the $2.10 level.

If the price breaks down and closes below $2.10, it may continue to descend toward $2.050. Below that, the next notable support is situated near the $2.020 zone; falling past this could lead XRP toward the $2.00 level.

Technical Indicators

Hourly MACD: The MACD for XRP/USD is slowing down in the bearish territory.
Hourly RSI (Relative Strength Index): The RSI for XRP/USD is currently above the 50 level.
Major Support Levels: $2.10 and $2.050.
Major Resistance Levels: $2.220 and $2.250.