XRP has undergone a significant price correction and is currently in a consolidation phase. It is trading above the 100-hourly Simple Moving Average and has formed a short-term bullish trend line.
The cryptocurrency may experience further upward movement if it can break through the $2.465 resistance level. The price action of XRP is similar to that of Bitcoin and Ethereum, which have also shown signs of recovery. XRP is currently consolidating its gains and faces immediate resistance at the $2.465 level.
The first major resistance level is at $2.50, followed by $2.550. If XRP can overcome these resistance levels, it could reach $2.650 or even $2.720 in the near term. On the downside, XRP has support levels at $2.380 and $2.350. If it fails to break the $2.465 resistance, a decline could occur, with the next major support level at $2.280.
The market sentiment surrounding XRP is a mix of optimism and caution, with traders closely monitoring the resistance levels for a potential breakout. The formation of a bullish trend line and trading above key moving averages provide a foundation for upward movement. However, failure to break the resistance could lead to increased selling pressure.
Traders should consider broader market dynamics, regulatory changes, and macroeconomic factors that can impact XRP's price. Overall, XRP's current consolidation phase is critical, with resistance and support levels shaping its near-term outlook.