NewsBTC
Feb 5, 2025
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XRP Price Faces Resistance Near $2.70 After Rally to $2.75

XRP Price Analysis

  • XRP price recovered from $1.75, rallying towards $2.75.
  • Current trading below $2.70 and the 100-hourly SMA.
  • Resistance forming at $2.710 due to a new bearish trend line.
  • Possible fresh increase if it surpasses $2.780 resistance.

Price Movement

XRP gained momentum above $2.00 and $2.25 but faces selling pressure below $2.80.

Recent high at $2.780 followed by a correction below $2.62, dipping under the 23.6% Fib retracement of the recent upward move.

Resistance levels identified at $2.70 and $2.780; a break above $2.80 could lead to $2.940 or $3.000 targets.

XRP Price Chart

Potential Decline

If XRP cannot clear the $2.70 zone, it may decline towards key support levels:

  • Initial support at $2.420
  • Further support near $2.2650 (50% Fib retracement)
  • Additional support at $2.20 and $2.050

Technical indicators show MACD gaining bearish momentum and RSI below 50.