XRP Price Analysis: Navigating the Choppy Waters Above $2.25

The XRP price is currently consolidating above the $2.25 support level, displaying resilience against recent Bitcoin pressure. While a decisive breakout above $2.40 remains elusive, several key indicators suggest potential for further upward movement.

Recent Price Action: After failing to breach the $2.40 and $2.45 resistance zones, XRP experienced a minor pullback. However, the decline was relatively contained compared to the broader market downturn affecting Bitcoin and Ethereum. The price found support near $2.202 before recovering above $2.25, clearing the 50% Fibonacci retracement level of the recent swing high to low.

Technical Analysis: Currently trading below the $2.3650 level and the 100-hourly Simple Moving Average, XRP faces a key bearish trend line resistance at $2.380 on the hourly chart (data from Kraken). A sustained break above $2.25 is crucial for initiating a fresh upswing. Further resistance levels lie near $2.40 (coinciding with the 76.4% Fibonacci retracement level), $2.45, and $2.50. A strong push beyond $2.45 could propel XRP towards $2.65 or even $2.665, with a potential further climb to $2.72.

Downside Risks: Failure to overcome the $2.40 resistance zone could trigger another downward correction. Support levels to watch include $2.32, $2.25, $2.20, and a more significant support zone around $2.12. A break below $2.25 would be a bearish signal, potentially leading to further declines.

Technical Indicators: The hourly MACD is showing signs of weakening bullish momentum, while the RSI remains above 50, suggesting some strength.

Summary: XRP’s price action above $2.25 presents a mixed outlook. While the potential for further gains exists, the failure to convincingly break above key resistance levels poses a risk. Traders should closely monitor the $2.25 support and the $2.40 resistance for clues on the near-term direction.

Key Support Levels: $2.32, $2.25, $2.20, $2.12

Key Resistance Levels: $2.38, $2.40, $2.45, $2.50