XRP price has recently faced challenges in maintaining its upward momentum above the $2.75 level. After a brief recovery phase, the cryptocurrency is now experiencing a corrective phase, with resistance forming near the $2.50 mark on the XRP/USD hourly chart.
The price action suggests that XRP may continue to face selling pressure in the near term, as it struggles to clear key resistance levels. The 100-hourly Simple Moving Average has also turned into a resistance point, further reinforcing the bearish outlook.
If XRP fails to break above the $2.50-$2.60 resistance zone, it could potentially trigger a deeper correction. In such a scenario, the immediate support levels to watch out for are $2.260 and $2.1450. A breach of these support levels could pave the way for a decline towards the $2.00 handle.
On the other hand, a successful break above the $2.70 resistance could open up opportunities for XRP to target higher levels such as $2.80, $2.92, and potentially even the $3.00 psychological mark. However, the road to recovery may not be easy, as the bears seem to have a firm grip on the market sentiment.
From a market perspective, XRP’s lacklustre performance could be indicative of a broader slowdown in the cryptocurrency market. Investors and traders should keep a close eye on the overall market dynamics and exercise caution while making trading decisions in such volatile conditions.
Tags: XRP price, XRP/USD, resistance levels, support levels, market sentiment
Source: https://www.newsbtc.com/analysis/xrp/xrp-price-weakens-gradually-2-225/