Is the Pause in XRP Price Rally a Healthy Pullback or Signaling a Reversal Ahead?
XRP price faced challenges in surpassing the $3.30 level, leading to a correction in gains that could find support around the $3.00 mark.
The XRP price experienced a downside correction after reaching the $3.30 region.
Currently, the price is trading below $3.20 and the 100-hourly Simple Moving Average.
On the hourly chart of the XRP/USD pair (data sourced from Kraken), a bullish trend line with support at $3.1450 was breached.
If the price remains above the $3.00 level, a new uptrend could potentially begin.
XRP Price Encounters Decline
Following a modest climb from the $3.120 support area, XRP’s price struggled to sustain momentum compared to Bitcoin. The price briefly exceeded $3.250 before retracing as selling pressure intensified.
A peak was established at $3.285, triggering a recent downturn. The price slipped below $3.20, breaching the 50% Fib retracement level from the $3.012 low to $3.285 high.
Additionally, a bullish trend line with support at $3.1450 on the XRP/USD hourly chart was broken. The price now resides below $3.20 and the 100-hourly Simple Moving Average.
Currently, it clings to the 61.8% Fib retracement level of the previous uptrend from $3.012 to $3.285. Potential resistance levels lie at $3.150 and $3.20.
The subsequent hurdle remains at $3.250, with a breakthrough potentially propelling the price towards $3.30. Further advances could target resistance at $3.4250 and possibly $3.450 in the short term, followed by a significant obstacle at $3.50.
Possible Reversal?
A failure to breach the $3.20 resistance barrier may trigger a new downtrend for XRP. Initial support lies near $3.120, followed by a crucial support zone at $3.00.
A breakdown below $3.00 could extend the decline towards the $2.880 level, with substantial support around $2.750.
Technical Analysis
Hourly MACD – XRP/USD’s MACD shows increasing bearish momentum.
Hourly RSI (Relative Strength Index) – XRP/USD’s RSI is now below the 50 mark.
Key Support Levels – $3.120 and $3.00.
Key Resistance Levels – $3.20 and $3.250.
The post Is the Pause in XRP Price Rally a Healthy Pullback or Signaling a Reversal Ahead? appeared first on Crypto Breaking News.
Filed under: News - @ January 23, 2025 4:26 am