XRP’s recent price action has shown a retreat after an unsuccessful attempt to maintain levels above the $2.850 threshold. Despite a brief recovery wave that allowed XRP to surpass the $2.90 and $2.92 resistance levels, bearish forces have driven the price back down, resulting in XRP trading below $2.840. The cryptocurrency is currently under the 100-hourly Simple Moving Average, signaling further potential weakness.
In recent trading, XRP peaked at $2.995 but was unable to sustain this upward momentum, leading to a fresh decline. Key support levels were breached, particularly when crossing below $2.90 and $2.850, resulting in a low of $2.724. As of now, XRP is consolidating beneath the 23.6% Fibonacci retracement level from its latest downswing, indicating that recovery may face obstacles.
For XRP to regain an upward trajectory, it must overcome resistance around $2.788 and subsequently the more significant $2.850 mark, which coincides with the 50% Fibonacci retracement level of the recent decline. Clearing these levels could pave the way for further gains toward the $2.920 and $2.950 marks, with the $3.00 level posing the next substantial challenge.
However, should XRP fail to break past the $2.850 resistance, a further dip could ensue. Initial support lies at $2.720, followed by $2.680. A breach below $2.680 might lead to an intensified decline, potentially dragging the price toward $2.6150 or even lower to the critical $2.60 support zone.
Technical indicators further suggest bearish momentum, with the MACD gaining pace in this direction and the RSI registering below the 50 level, reinforcing the current negative sentiment. To counter this, a push above the identified resistance levels is crucial for any meaningful recovery.