XRP price has been facing challenges in sustaining its upward momentum above the crucial $2.60 resistance level. Despite starting a strong recovery wave above the $2.00 support zone, the price has struggled to keep pace with other major cryptocurrencies like Bitcoin and Ethereum.
The bulls managed to push the price above the $2.60 level, but the bears remained active near the $2.75 zone, causing the price to dip. The XRP/USD pair is now trading below the $2.60 level and the 100-hourly Simple Moving Average, with a bearish trend line forming resistance at $2.60 on the hourly chart.
If XRP fails to clear the $2.60 resistance zone, it could potentially start another decline. The initial support on the downside is near the $2.260 level, followed by the $2.150 level. A downside break and close below the $2.150 level might lead to a further decline toward the $2.050 and $2.00 support zones.
On the other hand, if the price manages to clear the $2.60 resistance, it could start a fresh increase. The next major resistance levels to watch out for are $2.70, $2.780, and potentially even $2.940. Any further gains might send the price toward the psychological $3.000 resistance or even $3.050 in the near term.
The technical indicators suggest that the MACD for XRP/USD is gaining pace in the bearish zone, while the RSI is currently below the 50 level. These indicators hint at a potential bearish momentum in the short term.
In conclusion, XRP price is at a critical juncture, and its ability to overcome the $2.60 resistance will be crucial in determining its future trajectory. Traders and investors should keep a close eye on the key support and resistance levels to navigate the market effectively.
Tags: XRP price, XRP/USD, Ripple, cryptocurrency market, technical analysis
Source: https://www.newsbtc.com/analysis/xrp/xrp-price-struggles-2-70/