XRP Pulls Back to $2.6 After Rallying to $3
XRP experienced a significant rally of 25%, reaching $3 after Donald Trump's announcement regarding a strategic token reserve. However, the price has retraced to $2.6.
Key points include:
- The relative strength index (RSI) peaked at 70 but has dropped to 48, indicating potential for upward movement.
- Current prices are below the 50-hour simple moving average (SMA) of $2.65, signaling weakness.
- The 200-hour SMA at $2.50 remains a critical support level.
- The Moving Average Convergence Divergence (MACD) indicates a bearish trend after the recent rally.
- 20-hour Bollinger Bands show an upper limit of $2.9 and a lower limit of $2.4, reflecting reduced volatility.
Current price is at a pivot point. A break below $2.50 may lead to further declines, while a move above $2.65 could target $3 and higher. Momentum currently favors bearish positions.