The post Cryptocurrency Faces Critical Test at $2.380 Resistance appeared on BitcoinEthereumNews.com.

TLDR XRP is maintaining stability above $2.25 despite Bitcoin’s downward pressure A bearish trend line has formed with resistance at $2.380 on the hourly chart The price failed to break above $2.40 and $2.45 resistance levels but losses were contained XRP is trading below the 100-hourly Simple Moving Average at $2.3650 Technical indicators show mixed signals with MACD losing bullish momentum while RSI remains above 50 The cryptocurrency market has witnessed interesting price action in recent trading sessions, with XRP demonstrating notable stability despite broader market pressures. While Bitcoin experienced downward movement, XRP managed to maintain its position above the crucial $2.25 support level, suggesting strong buyer interest at current prices. Trading data from Kraken shows that XRP attempted to push higher but encountered resistance at the $2.40 and $2.45 levels. Despite failing to break through these resistance points, the digital asset has shown remarkable price stability compared to its peers Bitcoin and Ethereum during recent market fluctuations. The price action over the past 24 hours reveals a temporary dip below key support levels at $2.32 and $2.25, reaching a local bottom at $2.202. However, buyers quickly stepped in to push the price back above the $2.25 mark, indicating strong support at these levels. Technical analysis of the hourly chart shows the formation of a bearish trend line with resistance near $2.380. This technical pattern suggests that bulls may face challenges in the immediate term as they attempt to push prices higher. The cryptocurrency is currently trading below both $2.3650 and the 100-hourly Simple Moving Average, technical indicators that traders often use to gauge market momentum. This positioning below key moving averages suggests some near-term caution may be warranted. Looking at Fibonacci retracement levels, XRP has managed to clear the 50% retracement of the recent downward move from $2.47 to…

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Filed under: News - @ January 9, 2025 3:28 pm