TLDR
- XRP experienced a sharp decline after failing to break the resistance level of $ 3.00 and dropped over 20%
- The price is currently traded below $ 2.50 and the 100 -hour simple moving average
- Technical analysis shows a interruption during the hausse -like trend line to $ 2.40 on the Tim Diag
- Large support levels are set up to $ 2.20 and $ 2.120
- Key resistance levels to watch is $ 2.40 and $ 2.4750
The Cryptocurrency market witnessed remarkable price measures in XRP when digital asset withdrew from its last attempt to break the $ 3.00 threshold. The price movement, which began with an upward increase over $ 2.50 and $ 2.80, has since turned the course and reflected similar patterns seen in Bitcoin and Ethereum.
Early trading saw XRP strongly demonstrate and pressed against the $ 3.00 mark before facing stable resistance. The upward movement, which originated in a oscillation of $ 1.95, failed to maintain his path when he reached this psychological barrier.
The turn started with a sharp decline and took XRP below several important price levels. Traders observed the supply that breaks below both $ 2.80 and $ 2.60, indicating a change in the marketing entry. The decline continued past 50% Fibonacci retracing level, calculated from the latest upward movement between $ 1.95 and $ 3.00.
Technical analysts noted a crucial development on the Tim diagram for XRP/USD pair, which is traced by the Kraken Exchange data. A connecting tausish -like trend line, which had supported $ 2.40, is broken during the decline. This technical division suggests a potential continuation of the baisse -like pressure.
Current market data shows XRP trading below both the price point of $ 2.40 and the 100-hour simple variable average, two indicators that the traders carefully saw. The price has found temporary support close to 76.4% Fibonacci Retracement level for the previous upward movement.
When looking at potential recovery scenarios, the immediate resistance zone is displayed about $ 2.35. Above this, traders look at the $ 2.40 level as the first major obstacle. Should the purchase pressure increase, the next resistance point is $ 2,4750.
Market analysis
Marketing techniques suggest that a successful interruption over $ 2,4750 can open the road towards $ 2,620. In an extended recovery scenario, the price is approaching the $ 2,700 mark or potentially reach 2,750 $ in the short term. The level of $ 2.80 represents a major obstacle to all sustainable movements upwards.
At the disadvantage there is immediate support close to $ 2.20. If this level fails, the next support zone is at $ 2,120. Technical analysis indicates that a break under $ 2,120 can trigger additional sales pressure, which potentially presses the price against $ 2,050.
The price point for $ 2.00 represents a psychological level that many traders look closely. This zone may prove to be decisive in determining the direction of the Middle Ages by XRP Price measure.
Technical indicators present a mixed image. MACD (moving average convergence diver) for XRP/USD shows increasing momentum in the Baissian zone. At the same time, the relative strength index (RSI) has dipped below the 50 level, which indicates that they weakened haus -like momentum.
The hour diagram patterns indicate it xrp Faces resistance on several levels between its current price and the latest high. Trade volume data indicates active participation from both buyers and sellers during this period of price discovery.
The market participants carefully monitor the level of support to $ 2.20, as it represents a crucial threshold to maintain the broader upward trend. A prolonged break below this level can signal a deeper retracing.
The recent trading activity shows the award that is consolidated over 76.4% Fibonacci retracing level, with traders looking at signs of potential reversal or continuation of the current trend.
