XRP Price Consolidates Near $2.50 After Resistance Challenges

XRP price experienced fluctuations near the $2.85 resistance, currently consolidating around $2.50 and potentially targeting gains above $2.65.

XRP struggles to surpass the $2.80 resistance zone.
The price trades above $2.30 and the 100-hourly Simple Moving Average.
A bullish trend line is forming with support at $2.25 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair may accelerate if it clears the $2.72 resistance.

XRP Price Holds Gains Above $2.30

XRP attempted to breach the $3.00 resistance but failed to exceed $2.85, leading to a correction. A low formed at $2.276, followed by a recovery above the $2.40 and $2.50 levels. The price is now above the 50% Fibonacci retracement level of the recent decline from the $2.848 swing high to the $2.276 low.

Current trading is above $2.30 and the 100-hourly Simple Moving Average, with a supportive bullish trend line at $2.25. Resistance is anticipated near the $2.620 level, with a major resistance point at $2.720, close to the 76.4% Fibonacci retracement level.

The next significant resistance could be at $2.850. A clear move above this level might push the price toward $2.950 and potentially to $3.00 or $3.150 in the near term, with a major hurdle at $3.20.

Are Dips Limited?

If XRP fails to clear the $2.620 resistance, another decline could occur. Initial support is near $2.50, with major support around $2.40.

A break and close below $2.40 may lead to further declines towards the $2.30 support and trend line, with a significant support level near $2.050.

Technical Indicators

Hourly MACD indicates a loss of momentum in the bullish zone.

Hourly RSI is below the 50 level.

Major Support Levels: $2.5000 and $2.4000.

Major Resistance Levels: $2.6200 and $2.7200.