TLDR
- XRP price dropped below $2.480 after failing to sustain momentum above $2.450
- Technical indicators show bearish signals with MACD gaining pace in the bearish zone
- Key support levels remain at $2.350 and $2.320, while resistance is at $2.40 and $2.450
- Despite recent corrections, analysts suggest the bull rally may continue
- Current consolidation pattern shows price still growing slowly even with sideways movement
XRP price has entered a period of downward correction, falling below the $2.480 zone after recently attempting to push higher. The cryptocurrency is currently trading below the $2.40 level and the 100-hourly Simple Moving Average, showing short-term weakness in the market.
The price recently attempted to climb above the $2.350 zone, forming a high at $2.4495 before bears took control near the $2.450 resistance area.
This pullback pushed XRP below the $2.40 support level, dipping past the 50% Fibonacci retracement level of the upward move from $2.299 to $2.449.
Despite this downward pressure, bulls appear to be defending the $2.350 support zone.
A connecting bullish trend line has formed with support at $2.3550 on the hourly chart. This trend line coincides with the 61.8% Fibonacci retracement level, providing an important technical support level.
The Technical Picture
Looking at technical indicators, the hourly MACD for XRP shows increasing momentum in the bearish zone, while the RSI sits below the 50 level.
For XRP to regain upward momentum, it must first clear the immediate resistance at $2.40, followed by the more substantial barrier at $2.450.
A successful break above $2.450 could potentially send the price toward $2.50, with further targets at $2.60, $2.650, and $2.680 in the near term.
The major hurdle for bulls would then be at the $2.80 level.
However, if XRP fails to break past the $2.450 resistance, further decline seems likely. Initial support sits at $2.3550, with the next major support at $2.320.
A close below $2.320 could trigger a deeper correction, potentially pushing prices toward $2.20 or even $2.120.
Beyond The Current Correction
While recent days have seen the XRP price closing in the red territory, analyst Master Ananda suggests this may not signal the end of bullish momentum.
Since August 2024, XRP has not experienced more than four consecutive red daily closes, and the pattern appears to be holding with a recent green close on Sunday.
This behavior indicates that the current consolidation phase might be an extension rather than a reversal of the bullish trend.
The analyst points out that despite sideways movement, the XRP price is still growing slowly, which suggests that the bull rally could continue.
Master Ananda notes that while the consolidation might be “slow and boring,” it can suddenly lead to rapid price jumps.
The target from the current position remains $3, with expectations that XRP will continue moving forward through this consolidation phase.
For traders and investors, the coming days will be critical in determining whether XRP can maintain support above $2.320 and eventually challenge the $2.450 resistance again.
As of now, the price action suggests a period of uncertainty but with underlying bullish structure still intact according to some analysts.
The most recent data shows XRP trading below its 100-hourly Simple Moving Average, indicating that short-term momentum remains with the bears for now.
The post XRP (XRP) Price: Technical Analysis Shows Key Support at $2.35 Amid Recent Pullback appeared first on Blockonomi.
This articles is written by : Nermeen Nabil Khear Abdelmalak
All rights reserved to : USAGOLDMIES . www.usagoldmines.com
You can Enjoy surfing our website categories and read more content in many fields you may like .
Why USAGoldMines ?
USAGoldMines is a comprehensive website offering the latest in financial, crypto, and technical news. With specialized sections for each category, it provides readers with up-to-date market insights, investment trends, and technological advancements, making it a valuable resource for investors and enthusiasts in the fast-paced financial world.