XRP price has recently experienced a decline below the $2.650 resistance level, signaling a potential consolidation period with resistance expected near the $2.550 zone. Despite this setback, the price is currently trading above $2.40 and the 100-hourly Simple Moving Average, suggesting a possible recovery in the near future.
A short-term rising channel has been identified with support at $2.40 on the hourly chart of the XRP/USD pair, indicating a potential path for the price movement. However, the pair may face further downward pressure if it fails to break above the $2.550 resistance zone.
The recent decline in XRP price can be attributed to similar movements in Bitcoin and Ethereum, as the entire cryptocurrency market experiences fluctuations. The bears were able to push the price below key support levels, but a base seems to be forming around the $2.20 support zone, giving hope for a potential upward trend.
In terms of resistance levels, the price may encounter hurdles near $2.550, $2.650, and $2.750. A clear break above these levels could pave the way for a rally towards $2.80 and potentially $3.00. On the other hand, failure to surpass the $2.550 resistance zone could lead to another decline, with initial support at $2.40 and further support at $2.320.
Technical indicators suggest that the MACD for XRP/USD is showing signs of a bearish trend, while the RSI is currently above the 50 level. This indicates a potential shift in momentum that could influence future price movements.
Overall, XRP price is at a crucial juncture, with both bullish and bearish possibilities on the horizon. Traders and investors will need to closely monitor key support and resistance levels to gauge the next direction of the price.