XRP price experiences a pullback but continues to hold above critical support levels.

After reaching a peak of $2.65 on Wednesday, the price has corrected downward, now hovering around $2.50 as of Thursday.

XRP price pulled back slightly in recent trading but remains above critical support levels. After a peak at $2.65 on Wednesday, the cryptocurrency is now seen trading hands at around $2.51.

This pullback follows a two-week upward streak that saw XRP recover from support around $2.12, mirroring the broader crypto market’s bullish sentiment. The upward momentum pushed XRP past several resistance levels, including the $2.50 and $2.55 marks.

XRP bulls managed to drive the price above the $2.60 resistance zone before reaching the $2.65 level. However, this level proved to be a short-term ceiling, triggering the current correction phase.

Technical analysis shows XRP trading above the $2.50 level and the 100-hourly Simple Moving Average, which serves as a positive indicator for bulls. But a key bullish trend line with support at $2.55 on the hourly chart was broken during the pullback.

This trend line played a role in stalling the XRP price decline, which could continue to find support at the $2.51 level, also coinciding with the 61.8% Fibonacci retracement level of the move from $2.42 to $2.65.

The next major support is at $2.48, followed by $2.45 and the stronger support zone at $2.42, which had halted the previous decline in early May.

If XRP fails to hold these supports, the correction could extend toward the 50-hour EMA at $2.27, the 100-hour EMA at $2.25, or even the 200-hour EMA at $2.00 in a more severe drawdown.

The current Relative Strength Index (RSI) reading of 63.34 is moving toward the midline of 50, indicating some weakening in the uptrend’s momentum.

On the resistance side, XRP may face hurdles near the $2.55 level, with the first major resistance located around $2.58. Beyond that, the $2.60 level represents another significant barrier.

If the bulls can push past these resistance levels, XRP could retest the recent high of $2.65. Further upside targets include $2.72, $2.75, and potentially $2.88 if momentum builds.

The cryptocurrency had been on a two-week upward streak from support around $2.12, mirroring the broader crypto market’s bullish sentiment.

This upward momentum pushed XRP past several resistance levels, including the $2.50 and $2.55 marks. XRP bulls managed to drive the price above the $2.60 resistance zone before reaching the $2.65 level.

However, this level proved to be a short-term ceiling, triggering the current correction phase.

On the other hand, XRP is still trading above the $2.50 level and the 100-hourly Simple Moving Average, which serves as a positive indicator for bulls.

But a key bullish trend line with support at $2.55 on the hourly chart was broken during the pullback. This trend line played a role in stalling the XRP price decline, which could continue to find support at the $2.51 level, also coinciding with the 61.8% Fibonacci retracement level of the move from $2.42 to $2.65.

The next major support is at $2.48, followed by $2.45 and the stronger support zone at $2.42, which had halted the previous decline in early May.

If XRP fails to hold these supports, the correction could extend toward the 50-hour EMA at $2.27, the 100-hour EMA at $2.25, or even the 200-hour EMA at $2.00 in a more severe drawdown.

The current Relative Strength Index (RSI) reading of 63.34 is moving toward the midline of 50, indicating some weakening in the uptrend’s momentum.

On the resistance side, XRP may face hurdles near the $2.55 level, with the first major resistance located around $2.58. Beyond that, the $2.60 level represents another significant barrier.

If the bulls can push past these resistance levels, XRP could retest the recent high of $2.65. Further upside targets include $2.72, $2.75, and potentially $2.88 if momentum builds.

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The post XRP Price Remains Above Key SMA Despite Cooling Speculative Activity appeared first on Benzinga.com.

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