The XRP price experienced a sharp drop before rebounding impressively, showcasing renewed bullish momentum. After testing the critical $2.650 support zone, XRP has started to recover, breaking resistance levels and aiming for further gains in the near term.
XRP’s Recent Price Movement
XRP initially struggled to maintain momentum above the $3.050 resistance zone, leading to a decline similar to Bitcoin and Ethereum. The price dipped below key support levels at $3.00 and $2.80, with a sharp drop to a low of $2.6562.
Following this decline, XRP rebounded significantly, breaking above $2.80 and $2.85. The recovery was aided by a breakout above a bearish trend line at $2.950, signaling renewed bullish sentiment.
At the time of writing, XRP trades below $3.120 and the 100-hourly Simple Moving Average (SMA), showing a bullish correction.
Key Resistance Levels and Bullish Targets
On the upside, XRP faces resistance at $3.10, aligned with the 76.4% Fib retracement level of the downward move from $3.207 to $2.6562. The next significant resistance levels are $3.120 and $3.150.
If the price manages to break above $3.150, it could climb further to test $3.20, followed by potential targets at $3.250 and $3.350. Bulls may face another hurdle near $3.450 if the rally continues.
Potential Downside Risks
If XRP fails to clear the $3.10 resistance, another decline could be on the cards. Immediate support lies at $3.00, with stronger support at $2.950. A sustained break below $2.950 could push XRP toward $2.880 or even $2.750, marking the next critical support zone.
Technical Indicators
- MACD: The hourly MACD for XRP/USD is gaining momentum in the bullish zone, indicating strong recovery potential.
- RSI: The hourly Relative Strength Index (RSI) for XRP/USD is currently above 50, confirming bullish momentum.
- Major Support Levels: $3.00 and $2.950.
- Major Resistance Levels: $3.10 and $3.120.
Conclusion: XRP Poised for Recovery
XRP’s price recovery from $2.65 to over $3.00 showcases the potential for bullish momentum. While resistance levels remain significant, a breakout above $3.150 could pave the way for substantial gains. Traders should watch for key support zones to avoid downside risks.
