Technical Analysis Shows Key Support at $2.35 Amid Recent Pullback
The post Technical Analysis Shows Key Support at $2.35 Amid Recent Pullback appeared on BitcoinEthereumNews.com. TLDR XRP price dropped below $2.480 after failing to sustain momentum above $2.450 Technical indicators show bearish signals with MACD gaining pace in the bearish zone Key support levels remain at $2.350 and $2.320, while resistance is at $2.40 and $2.450 Despite recent corrections, analysts suggest the bull rally may continue Current consolidation pattern shows price still growing slowly even with sideways movement XRP price has entered a period of downward correction, falling below the $2.480 zone after recently attempting to push higher. The cryptocurrency is currently trading below the $2.40 level and the 100-hourly Simple Moving Average, showing short-term weakness in the market. The price recently attempted to climb above the $2.350 zone, forming a high at $2.4495 before bears took control near the $2.450 resistance area. This pullback pushed XRP below the $2.40 support level, dipping past the 50% Fibonacci retracement level of the upward move from $2.299 to $2.449. Despite this downward pressure, bulls appear to be defending the $2.350 support zone. A connecting bullish trend line has formed with support at $2.3550 on the hourly chart. This trend line coincides with the 61.8% Fibonacci retracement level, providing an important technical support level. The Technical Picture Looking at technical indicators, the hourly MACD for XRP shows increasing momentum in the bearish zone, while the RSI sits below the 50 level. For XRP to regain upward momentum, it must first clear the immediate resistance at $2.40, followed by the more substantial barrier at $2.450. A successful break above $2.450 could potentially send the price toward $2.50, with further targets at $2.60, $2.650, and $2.680 in the near term. XRP Price on CoinGecko The major hurdle for bulls would then be at the $2.80 level. However, if XRP fails to break past the $2.450 resistance, further decline seems likely.…
The post Technical Analysis Shows Key Support at $2.35 Amid Recent Pullback appeared on BitcoinEthereumNews.com.
TLDR XRP price dropped below $2.480 after failing to sustain momentum above $2.450 Technical indicators show bearish signals with MACD gaining pace in the bearish zone Key support levels remain at $2.350 and $2.320, while resistance is at $2.40 and $2.450 Despite recent corrections, analysts suggest the bull rally may continue Current consolidation pattern shows price still growing slowly even with sideways movement XRP price has entered a period of downward correction, falling below the $2.480 zone after recently attempting to push higher. The cryptocurrency is currently trading below the $2.40 level and the 100-hourly Simple Moving Average, showing short-term weakness in the market. The price recently attempted to climb above the $2.350 zone, forming a high at $2.4495 before bears took control near the $2.450 resistance area. This pullback pushed XRP below the $2.40 support level, dipping past the 50% Fibonacci retracement level of the upward move from $2.299 to $2.449. Despite this downward pressure, bulls appear to be defending the $2.350 support zone. A connecting bullish trend line has formed with support at $2.3550 on the hourly chart. This trend line coincides with the 61.8% Fibonacci retracement level, providing an important technical support level. The Technical Picture Looking at technical indicators, the hourly MACD for XRP shows increasing momentum in the bearish zone, while the RSI sits below the 50 level. For XRP to regain upward momentum, it must first clear the immediate resistance at $2.40, followed by the more substantial barrier at $2.450. A successful break above $2.450 could potentially send the price toward $2.50, with further targets at $2.60, $2.650, and $2.680 in the near term. XRP Price on CoinGecko The major hurdle for bulls would then be at the $2.80 level. However, if XRP fails to break past the $2.450 resistance, further decline seems likely.…
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