XRP Price Swings Widely: Can It Rally Above $3.00?

XRP price struggles to break $2.85 but holds above key support at $2.30. The coin consolidates near $2.50, with bullish indicators suggesting a potential climb above $2.72 and a target of $3.00.

XRP Price Swings Wildly: Can It Resume Its Rally Toward $3.00?

XRP continues to capture attention as the cryptocurrency consolidates between key levels, trading just above $2.30 while battling resistance near $2.85. Despite failing to breach the $3.00 mark in recent attempts, bullish momentum may still propel the asset upward in the near term.

Current Price Action

XRP experienced a couple of significant price swings after approaching the $2.85 resistance zone. A downward correction led the price to dip below $2.65 and $2.50, forming a local low at $2.276. However, buyers re-entered the market, pushing the price back above $2.40 and $2.50.

The recovery saw XRP surpass the 50% Fibonacci retracement level of the recent drop from $2.848 to $2.276. The token is currently trading above $2.30 and remains supported by the 100-hourly Simple Moving Average.

Key Resistance Levels to Watch

Immediate resistance lies near the $2.620 mark, followed by a significant barrier at $2.720, which coincides with the 76.4% Fibonacci retracement level of its recent decline. A clear breakout above $2.850 could open the doors for XRP to target $2.950, $3.00, and potentially $3.150.

Should bullish momentum persist, the next critical hurdle might be $3.20, solidifying XRP’s upward trend.

Potential Downside Risks

Failure to clear resistance levels could lead XRP to retrace lower. Initial support is seen at $2.50, with stronger backing at $2.40. A break below these levels may drive the price toward the $2.30 support zone, reinforced by a key bullish trend line.

Further declines could test the $2.050 area, signaling a deeper bearish correction.

Technical Indicators

• Hourly MACD: Gradually losing momentum in the bullish zone.
• Hourly RSI: Slipping below the neutral 50 level, indicating waning buying pressure.

Outlook

XRP’s near-term trajectory depends on its ability to clear the $2.720 and $2.850 resistance zones. While bulls aim for a rally toward $3.00, the downside risks remain limited as long as the token holds above $2.30. Investors are advised to monitor key levels for potential breakout opportunities.

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