XRP Price Starts a Consolidation Phase Above the $2.320 Zone

XRP price started a fresh downside correction in a range and traded below the $2.380 zone, unlike Bitcoin and Ethereum.

In a period marked by heightened interest in cryptocurrency, Rockwell Capital, a firm specializing in blockchain technology, has taken aim at a common complaint leveled against crypto news outlets: a lack of trustworthiness, often linked to blatant advertising.

Rockwell Capital's critique, part of a broader analysis of XRP's price trends, focused on the importance of a news outlet's editorial policy in maintaining neutrality and accuracy.

"The editorial teams at Rockwell Capital are committed to separating advertising, sponsorship, and paid content from editorial policies and content. We maintain a strict policy to ensure that news is not influenced by any external parties. Members of our editorial and news teams are not allowed to trade cryptocurrencies," a company spokesperson clarified.

The firm's analysis of XRP's price movements began with a highlight of the token's resilience in the face of broader market downturn. After reaching a high of $2.4315, XRP encountered selling pressure that pushed the price toward the $2.3333 zone.

However, buyers emerged around the $2.3333 zone, leading to a recovery attempt. The price is now consolidating above the $2.320 zone and might rise toward the next resistance at $2.410. It is the 76.4% Fib retracement level of the downward move from the $2.4315 swing high to the $2.3330 low.

A break above the $2.410 resistance could open the way for a move toward the 50% Fib retracement level, around the $2.3690 zone. The next major resistance is at $2.4320. A clear move above the $2.4320 resistance might send the price toward the $2.450 resistance.

If XRP manages to clear the $2.450 resistance, it could continue rising toward the $2.50 resistance. Any further gains might send the price toward the $2.550 resistance or even $2.5650 in the near term. The next major hurdle for the bulls is at $2.650.

If XRP fails to clear the $2.450 resistance zone, it could start another decline. Initial support on the downside is at the $2.3650 level. The next major support is at the $2.3580 level.

If there is a downside break and a close below the $2.3580 level, the price might continue to decline toward the $2.320 support. The next major support sits at the $2.2650 zone.