XRP has bounced back from recent lows, showing signs of bullish momentum as it pushes above $2.30 following a consolidation phase. The rebound comes after XRP’s price slipped below $2.35, mirroring corrections seen in Bitcoin and Ethereum, but bulls appear to be regaining control.
According to Kraken data, XRP broke above a bearish trendline at $2.30 on the hourly chart, a technical move that has shifted market sentiment in the short term. Currently, XRP trades just below $2.35 and is facing critical resistance at $2.380 and $2.420.
XRP Price Movement: Technical Overview
The XRP/USD pair started recovering from the $2.2670 low and surpassed the 23.6% Fibonacci retracement level from the $2.4767 high. However, the price remains below the 100-hourly Simple Moving Average, a barrier bulls must overcome for a sustained rally.
Immediate resistance is seen at $2.380, aligning with the 50% Fib retracement of the recent downward move. A successful break above this level could send XRP towards $2.420 and eventually the $2.480–$2.550 resistance zone.
If bulls maintain pressure and clear the $2.550–$2.5650 range, the next major hurdle lies near $2.650, a level that could determine XRP’s medium-term bullish trajectory.
Downside Risks Remain
Despite current bullish signals, a failure to breach the $2.380 resistance could trigger another downward wave. Initial support sits at $2.320, followed by the $2.30 key level. A breakdown below $2.30 could push XRP back toward $2.2650 or even $2.250.
Indicators Signal Bullish Momentum
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MACD (Hourly): Gaining momentum in the bullish zone
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RSI (Hourly): Holding above 50, indicating positive sentiment
Key Technical Levels
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Support Levels: $2.320, $2.30, $2.2650
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Resistance Levels: $2.380, $2.420, $2.550
As the market awaits confirmation of a breakout, traders should monitor volume and momentum closely. A decisive push above $2.420 could open the door to fresh multi-month highs.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are volatile and risky. Always conduct your research before making any investment decisions.
