Can XRP Maintain Its Value Against BTC Pressure?
XRP price remains steady above $2.25 despite Bitcoins influence. Currently, the price is consolidating and targeting a potential increase above the $2.40 resistance level.
- XRPs price is displaying positive signals above the $2.25 mark.
- At present, the price is trading under $2.3650 and the 100-hourly Simple Moving Average.
- On the hourly chart of the XRP/USD pair sourced from Kraken, a significant bearish trend line is emerging with resistance at $2.380.
- If the price maintains above the $2.250 support, it could trigger a fresh uptrend.
XRP Price Consolidation Below $2.50
Even after failing to surpass the $2.40 and $2.45 resistance levels, XRPs price experienced minimal losses compared to Bitcoin and Ethereum. The price retraced below $2.32 and $2.25 before stabilizing.
The recent low point was established at $2.202, leading to the price now consolidating. It managed to surpass the $2.25 mark and the 50% Fibonacci retracement level, indicating a positive move.
The price remains below $2.3650 and the 100-hourly Simple Moving Average, potentially facing resistance close to $2.380. A prominent bearish trend line is forming with $2.380 as resistance on the XRP/USD hourly chart.
Initial resistance could be near $2.40 or the 76.4% Fibonacci retracement level from the recent swing high to low at $2.202.
The subsequent resistance levels to watch out for are $2.45, $2.50, $2.650, and potentially $2.6650 in the short term. Bulls may encounter a significant challenge near the $2.720 mark.
Potential Downward Movement
If XRP fails to breach the $2.400 resistance, a downward trend may ensue. Initial support around $2.320 could be followed by significant support near $2.250.
A break below $2.250 could lead to a continued decline towards the $2.20 mark, with the next substantial support resting at $2.120.
Technical Indicators:
Hourly MACD XRP/USDs MACD is indicating a slowdown in bullish momentum.
Hourly RSI (Relative Strength Index) The RSI for XRP/USD is currently above the 50 level.
Key Support Levels: $2.32 and $2.250.
Key Resistance Levels: $2.380 and $2.400.
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