XRP Price Gears Up for Recovery - Can It Outperform Bitcoin?

XRP Eyes a Stronger Bounce as It Battles Key Resistance Levels

XRP is attempting a comeback after dipping to the $1.90 zone, showing signs of resilience amid market fluctuations. However, the digital asset faces hurdles at key resistance levels, particularly around $2.10, which could determine the strength of its recovery.

XRP’s Price Action: A Fresh Attempt to Climb

After failing to hold above the $2.250 resistance, XRP saw a sharp decline, mirroring movements in Bitcoin and Ethereum. The sell-off pushed the price below critical support at $2.10 and $2.050, even dipping under the $2.00 mark. A local bottom formed at $1.90 before the cryptocurrency initiated a recovery attempt.

XRP managed to reclaim ground above $1.950 and $1.980, surpassing the 23.6% Fibonacci retracement level of its recent drop from the $2.260 swing high to the $1.90 low. Despite this rebound, XRP remains under pressure, trading below the $2.20 mark and the 100-hourly Simple Moving Average (SMA).

Currently, a bearish trend line is emerging on the hourly chart of the XRP/USD pair, with resistance at $2.06. A decisive break above this level could strengthen the recovery momentum.

Key Resistance Levels to Watch

For XRP to gain bullish momentum, it must overcome several resistance barriers. The first major test lies at $2.080, aligning with the 50% Fibonacci retracement level of its recent decline. Beyond this, the $2.120 level presents another obstacle.

A successful breach of $2.120 could propel XRP toward $2.1750, with further upside potential extending to $2.20 and even $2.250. If bullish momentum continues, the next major target could be $2.450, a level that might serve as a significant hurdle for further gains.

Could XRP Face Another Drop?

If XRP fails to clear the $2.080 resistance, another downturn could be on the horizon. Initial support lies at $1.950, with stronger backing at $1.90. A breakdown below $1.850 could trigger further losses, potentially dragging the price down to $1.80 or even the $1.750 zone.

Technical Outlook

• Hourly MACD: Losing momentum in the bearish zone.
• Hourly RSI: Hovering below the 50 level, signaling weak buying pressure.
• Major Support Levels: $1.950, $1.900.
• Major Resistance Levels: $2.080, $2.1750.

Conclusion

XRP’s price movement remains at a crossroads, with a potential for further upside if it can overcome critical resistance levels. However, failure to break key barriers could result in another wave of selling pressure. Traders should keep a close watch on the $2.080 and $2.120 levels, as they will likely determine whether XRP can sustain its recovery or slip back into bearish territory.