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- XRP faces immediate resistance at $2.430 and $2.450.
- A break above $2.450 could target $2.50 and higher.
- Support levels to watch are at $2.320 and $2.3420.
XRP’s price has recently experienced a downside correction, dropping from the $2.580 peak, similar to price actions seen in Bitcoin and Ethereum. After dipping below key levels like $2.550 and $2.50, XRP entered a consolidation phase but seems to be showing signs of recovery. With support still holding at $2.320, is the cryptocurrency poised for another upward move?
XRP’s Recent Price Action
After the correction from its recent high, XRP fell below the 50% Fibonacci retracement level of its earlier upward move. However, the bulls managed to keep the price above the $2.320 support, allowing it to stabilize. Currently, XRP is trading just above $2.40 and is hovering near the 100-hour Simple Moving Average (SMA), suggesting potential for a rebound if it can break key resistance levels.
Resistance Levels to Watch
The immediate hurdle for XRP lies at the $2.430 mark. A fresh upward move could face resistance around this level, especially with a bearish trend line forming on the hourly chart. Should XRP break through the $2.430 barrier, the price could target the next major resistance at $2.450. Clearing this zone may set the stage for further gains, potentially testing the $2.50 mark.
Looking further ahead, if the bulls manage to keep pushing, the next key resistance levels would be near $2.580 and $2.650, with the ultimate challenge sitting around $2.720.
Possible Downside Risks
While the bulls are active, XRP is not out of the woods yet. If the price fails to surpass the $2.450 resistance, a decline is possible. In such a case, support at $2.3420 could come into play, with the $2.320 mark acting as a more significant level to watch. A break below this could signal further downside, particularly as the 76.4% Fibonacci retracement level looms as a critical support zone.
XRP’s price action remains intriguing as it tries to push past resistance and establish a solid upward trend. Investors should keep a close eye on the $2.450 and $2.50 levels, as breaking these could lead to significant gains. However, if the price fails to hold above $2.320, another decline might be on the horizon. The coming days will be critical in determining the next move for XRP.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
