XRP Price Prediction: Breakthrough Resistance or Deeper Pullback? Key Support Level Analysis

Recent Trend Review

• XRP price has started a steady upward trend from the $2.20 key support level.
• After successfully breaking through the $2.220 resistance level, the price further rose above $2.250.
• However, near the $2.320 resistance area, it encountered selling pressure, forming a short-term high of $2.310.
• The current price is in a technical correction phase and has fallen below the 23.6% Fibonacci retracement level of the upswing from the swing low of 2.148 USD to the high of 2.310 USD.

Current Technical Structure

• Key Support: The price is currently trading above $2.220 and the 100-hour simple moving average (100-hour SMA). An important bullish trend line is forming on the hourly chart of XRP/USD, with support near $2.2250.
• Technical Signal:

  • Hourly Chart MACD: Currently operating in the bearish zone with increasing momentum, indicating short-term pullback pressure.

  • Hourly Chart RSI ( Relative Strength Index ): Has now broken below the 50 level, indicating weak short-term momentum.

    

Upside Potential and Key Resistance

• If the price can stabilize above the trendline support, the bulls will attempt to rally again.
• Initial resistance level: 2.2720 USD
• First Major Resistance Level: $2.30 Psychological Barrier
• Next key resistance level: $2.320 (near previous highs)
• Bullish Scenario:
• If it can clearly break through the resistance at 2.320 USD, it may open the door to the 2.350 USD resistance.
  • Continuous increases may push the price to test the recent targets of 2.40 USD and even 2.420 USD.
  • 2.50 USD is the next major target for bulls and is crucial for XRP price prediction.

Downside Risks and Key Support

• If XRP fails to effectively break through the 2.30 USD resistance zone, it may trigger a new round of decline.
• Initial support level: $2.2250 (coinciding with trendline support)
• Important support level: $2.20 area (also the 61.8% Fibonacci retracement level of the aforementioned rally)
• Bearish scenario on a breakout:
  • If a downward break occurs and the hourly closing price falls below 2.20 USD, it may accelerate the decline, testing the 2.150 USD support.
  • The next major support area is near $2.120.

Trading Strategy Reference

• Key Support Level ( Bullish Defense ): $2.2250, $2.20
• Key resistance level ( bear line ): $2.30, $2.320
• Cryptocurrency traders should closely monitor the defense of the $2.2250 trend line support and $2.20 Fibonacci support, as well as the price reaction to the $2.30 / $2.32 resistance zone, which will provide important guidance for the direction of XRP short-term trading. XRP technical analysis indicates that it is at a critical decision point in the short term.