XRP price has been consolidating below the $2.50 zone, showing signs of potential for a fresh increase above the $2.40 level. However, recent price action has seen XRP starting another decline, trading below $2.40 and the 100-hourly Simple Moving Average.
Despite the decline, XRP remains supported above $2.15, with bulls actively defending the last low. The price is currently trading above $2.20 and testing the 23.6% Fib retracement level of the recent drop from the $2.866 swing high to the $2.166 low.
On the upside, resistance levels to watch out for include $2.35 and $2.40, where a key bearish trend line is forming with resistance at $2.38 on the hourly chart of the XRP/USD pair. A clear move above $2.50 resistance could signal a potential rally towards $2.650, $2.70, and even $2.850. Bulls might face a major hurdle at $3.00.
However, if XRP fails to clear the $2.380 resistance zone, it could face another decline. Initial support is seen at $2.20, followed by $2.15. A downside break below $2.15 could lead to further declines towards $2.050 and the trend line, with major support at $2.00.
The hourly MACD for XRP/USD is showing signs of losing pace in the bearish zone, while the hourly RSI is below the 50 level. Key support levels to watch include $2.20 and $2.15, with major resistance levels at $2.38 and $2.50.
In conclusion, XRP price remains in a consolidation phase, with potential for a fresh increase above the $2.40 level if key resistance levels are cleared. However, a failure to do so could lead to another decline towards key support levels. Trading volumes and market sentiment will play a crucial role in determining the next move for XRP.