The recent uptrend in XRP price has hit a roadblock, with the price struggling to continue higher above the $2.720 zone and correcting gains. The price is now moving lower and might struggle to stay above $2.2650. This comes after XRP failed to clear the $2.780 level and is now trading below $2.50 and the 100-hourly Simple Moving Average.
Technical analysis shows a connecting bearish trend line forming with resistance at $2.4650 on the hourly chart of the XRP/USD pair. The pair might start a fresh increase if it clears the $2.50 resistance zone. The first major resistance is near the $2.50 level, followed by $2.60. A clear move above the $2.60 resistance might send the price toward the $2.780 resistance. Further gains could see XRP targeting $2.880 or even $2.920 in the near term, with the next major hurdle for the bulls at $3.00.
However, if XRP fails to clear the $2.50 resistance zone, it could start another decline. Initial support on the downside is near the $2.2650 level, with the next major support at $2.1420, which is also the 61.8% Fib retracement level of the upward wave from the $1.7501 swing low to the $2.7750 high. A downside break and close below $2.1420 could see the price continue to decline toward $2.050, with the next major support near the $2.00 zone.
The current market sentiment for XRP appears bearish, with the MACD gaining pace in the bearish zone and the RSI now below the 50 level. This suggests that the recent uptrend may have run out of steam, and further downside could be in store unless XRP can break above key resistance levels.
For XRP to resume its uptrend, it will need to see strong buying pressure that can push the price back above $2.50 and $2.60. A sustained move above these levels could open the door for a retest of the recent highs near $2.80. However, if the bears remain in control, XRP could see a deeper correction, with potential support levels to watch at $2.1420 and $2.00.
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Tags: XRP, Ripple, XRP Price, XRP/USD, Technical Analysis
Source: https://www.newsbtc.com/analysis/xrp/xrp-price-uptrend-hits-a-snag/