XRP price, in its eternal dance with the cryptocurrency market, has once again commenced a robust upward movement, surpassing the $2.250 threshold and reaching the lofty heights of $2.35. Alas, the bulls’ triumph was short-lived, as the price now corrects its gains below the $2.30 level.
- XRP price, with a flourish reminiscent of a grand ballet, began a fresh increase above the $2.250 zone.
- The price, like a phoenix rising from the ashes, now soars above $2.250 and the 100-hourly Simple Moving Average.
- A break below a bullish trend line with support at $2.2650 on the hourly chart of the XRP/USD pair (data source from Kraken) was not enough to deter the bulls’ relentless pursuit of glory.
- Should the price remain above the $2.240 zone, it may very well embark on another glorious ascent.
XRP Price: A Tale of Two Emotions
XRP price, in a display of defiance against the likes of Bitcoin and Ethereum, began a fresh increase after settling comfortably above the $2.250 level. The price, with aplomb, managed to ascend above the $2.2850 resistance level.
The bulls, with a tenacity that would make even the most seasoned investor envious, were able to push the price above the $2.30 level. However, the bears, ever the cunning adversaries, remained active near the $2.350 zone. The price, alas, faced rejection and began a fresh decline.
A break below a bullish trend line with support at $2.2650 on the hourly chart of the XRP/USD pair was not enough to deter the bulls’ relentless pursuit of glory. The price, like a phoenix rising from the ashes, now soars above $2.250 and the 100-hourly Simple Moving Average.
On the upside, the price might face resistance near the $2.280 level. The first major resistance is near the $2.2880 level. A clear move above the $2.2880 resistance might send the price toward the $2.320 resistance. Any more gains might send the price toward the $2.350 resistance or even $2.3650 in the near term. The next major hurdle for the bulls might be $2.40.
The Inevitable Decline?
If XRP fails to clear the $2.2880 resistance zone, it could very well begin another descent into the abyss. Initial support on the downside is near the $2.250 level. The next major support is near the $2.240 level and the 76.4% Fib retracement level of the upward move from the $2.205 swing low to the $2.353 high.
If there is a downside break and a close below the $2.240 level, the price might continue to plummet toward the $2.220 support. The next major support sits near the $2.20 zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major Support Levels – $2.250 and $2.240.
Major Resistance Levels – $2.2880 and $2.320.
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2025-07-08 07:19