XRP Price Analysis: Recovering or Another Dip?
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XRP price, after a decline below the $2.250 and $2.20 levels, mirroring Bitcoin and Ethereum's movement, is attempting a recovery. Initially declining to $2.080, it rebounded above $2.10 and $2.120, surpassing the 23.6% Fib retracement level of its recent drop from $2.338 to $2.085. Currently, it trades above $2.150 and the 100-hourly Simple Moving Average, forming a short-term rising channel with support at $2.140. This upward trajectory could continue if it breaks the $2.20 resistance, potentially reaching $2.320, $2.350, or even $2.3650. However, failure to surpass $2.20 could trigger another decline, with initial support at $2.140 and $2.120, and further support at $2.080 and $2.020. Technical indicators show bullish momentum; the hourly MACD is gaining pace in the bullish zone, and the RSI is above 50. Major support levels are at $2.150 and $2.120, while major resistance is found at $2.20 and $2.2120. The overall outlook is uncertain, with the $2.20 level acting as a crucial determinant of XRP's short-term price direction. The formation of a rising channel suggests a potential upward trend, but the possibility of another downward move remains significant, hinging on the ability of the price to break through the key resistance levels. Traders should monitor these levels closely to gauge the strength of the recovery and anticipate potential price fluctuations.
(Source: https://www.newsbtc.com/analysis/xrp/xrp-price-tries-to-bounce-back-2-150/)
