XRP Price Drops Below $2.60 Amid Rising Resistance Levels
XRP is experiencing volatility after its recent increase above $2.550, facing resistance above $2.650.
- The price rose above $2.60 and $2.620 but encountered bearish pressure.
- Currently trading below $2.60 and the 100-hourly Simple Moving Average.
- A break occurred below a bullish trend line with support at $2.6350 on the hourly XRP/USD chart.
- A potential rise is possible if it holds above $2.50.
Current Market Dynamics
After settling above $2.50, XRP surpassed resistance levels at $2.550 and $2.60, briefly reaching $2.6972 before correcting downward. It moved below the 23.6% Fibonacci retracement from $2.327 to $2.6972.
If a new upward movement occurs, resistance will likely emerge around $2.620, with significant barriers at $2.650 and potentially $2.6880. Surpassing these could lead to testing $2.720 and possibly $2.7650, with $2.80 as a major hurdle.
Potential Decline
Failing to overcome the $2.650 resistance could trigger further declines, with initial support around $2.5650 and major support at $2.550. Breaking below $2.550 might lead to a fall towards $2.5120 or the 50% Fibonacci level of the recent upswing, with additional support near $2.450 and $2.40.
Technical Indicators
- Hourly MACD: Gaining momentum in the bearish zone.
- Hourly RSI: Currently below the 50 mark.
- Major Support Levels: $2.550 and $2.5120.
- Major Resistance Levels: $2.650 and $2.6880.