XRP price started a downside correction below the $2.480 zone. The price is now consolidating and might extend losses below the $2.320 support zone.
In a busy Friday morning trade, cryptocurrency XRP is struggling to stay afloat as sellers maintain a slight edge. Despite a valiant effort by buyers to push XRP above the $2.350 zone, like its larger counterparts Bitcoin and Ethereum, the bears had other plans.
As the price approached the $2.450 resistance zone, selling pressure mounted, halting the cryptocurrency's ascent. A high was reached at $2.4495 before the bears took charge, pushing the price back down.
The cryptocurrency dipped below the $2.40 support level, reaching the 50% Fib retracement level of the upward move from the $2.299 swing low to the $2.449 high. However, around the $2.350 support, buyers stepped in.
Moreover, a connecting bullish trend line, providing support at $2.3550 on the hourly chart of the XRP/USD pair, is closely observed. This trend line coincides with the 61.8% Fib retracement level of the upward move from the $2.299 swing low to the $2.449 high.
Now, as the cryptocurrency trades below the $2.40 mark and the 100-hourly Simple Moving Average, the next resistance is anticipated at the $2.40 level. A substantial barrier awaits at the $2.450 zone.
If XRP manages to break above the $2.40 resistance and maintains the momentum, the next significant resistance is at $2.50. A decisive push above the $2.50 resistance could propel the cryptocurrency toward the $2.60 resistance.
Further gains might send XRP soaring to the $2.650 resistance or even $2.680 in the short term. The next major hurdle for the bulls is envisioned at the $2.80 level.
If XRP fails to overcome the $2.450 resistance zone, it could set the stage for another leg down. In this scenario, initial support is at the $2.3550 level, followed by a deeper support zone at the $2.320 mark.
If the bears succeed in breaking and closing below the $2.320 level, the cryptocurrency might continue its descent toward the $2.20 support. Afterward, the next major support is anticipated at the $2.120 zone.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.