XRP Price Faces Resistance at $2.45: Will Bears Crash Test $1.99?

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XRP is trading at $2.2751 with a market cap of $131.86 Billion, down 2.49% in the last 24 hours, showing continued weakness after hitting a 24-hour low of $2.2476. Despite the recent bearish sentiment, realistic near-term goals extend between $3 and $5.85.

XRP has been highly volatile this month, trading between $2.30 and $2.47, still down by 1.6% from its previous month’s price.

XRP Price Analysis

XRP price action shows a declining trend at play, reflecting the increasing bearish influence in the daily chart. The downfall continues to create lower high peaks leading to a resistance trendline formation.

The downfall is currently testing the immediate support level at the $2.24 mark. Furthermore, the 1.80% pullback in the current 4-hour candle hints at a potential failure of a morning star pattern.

The price is currently trading below both the 50 EMA  and the 200 EMA, indicating a bearish bias in the medium term. The recent rejection at the 200 EMA around $2.45 confirms this level as strong resistance that bulls must overcome to reverse the current downtrend.

Furthermore, the RSI is currently at 41.18, below the midpoint of 50, indicating bearish momentum in the short term. The RSI has been going downward from its recent peak and is approaching oversold territory.

XRP Price Targets

XRP Price currently is close to the support level of $2.2459. In case the XRP price shows a post-retest reversal, the recovery run will aim towards $2.4565.
If the price breaks below the support level, it will likely push to the previous week’s low of $1.99.

Also Read: Franklin Templeton Submits Application for XRP ETF

Written by
Sahil Mahadik

As a full-time trader with over three years of hands-on experience in the financial markets, I have honed an exceptional proficiency in technical analysis, which is the cornerstone of my daily monitoring of price fluctuations in leading assets and indices. My journey into trading began with a deep fascination for financial instruments, and this curiosity naturally expanded into the ever-evolving world of cryptocurrencies. I am currently contributing to CryptoNewsZ and have also written for Coingape, The Coin Republic and TheMarketPeriodical. I am driven by my passion for the markets and want to explore new opportunities, I analyze emerging trends and strategies to get maximum returns in traditional and crypto markets.