XRP Price Hovers at Key Support, Fueling Debate Over Incoming Breakout
Overview
XRP price has recently experienced a decline, falling below key support levels. Currently, it is struggling to maintain its position and faces resistance, prompting discussions about potential price movements in the near future.
Price Movement and Resistance Levels
The XRP price began its latest decline after dropping below $2.10. It is now trading below the $2.050 level and the 100-hourly Simple Moving Average. A bearish trend line has formed, indicating resistance at the $2.120 mark on the hourly chart of the XRP/USD pair. If the price settles below $2.00, there is potential for further downward movement.
Recent Attempts at Recovery
Recently, XRP attempted a recovery above the $2.150 level but was unable to maintain its upward momentum, mirroring the performance of Bitcoin and Ethereum. Following this failed recovery, XRP fell below the $2.10 and $2.050 levels. A low was established at $1.984, with the price now consolidating losses below the 23.6% Fibonacci retracement level of the downward move from the $2.275 swing high to the $1.984 low.
Currently, XRP is trading below $2.050, and a fresh upward move may face resistance near this level. The first significant resistance point is identified at $2.120, which aligns with the 50% Fibonacci retracement level of the previous downward move.
Potential Future Movements
Should XRP manage to close above the $2.120 resistance, it could lead to a rise toward the $2.20 level. Additional hurdles exist at $2.250 and a clear move above this point may push the price toward $2.2850, with further gains potentially reaching $2.350. The next major resistance for bullish movements is positioned around the $2.40 mark.
Risks of Further Declines
Conversely, if XRP fails to break through the $2.050 resistance zone, it could initiate a new decline. The initial support level on the downside is around $2.00, followed closely by a major support at $1.9850. A downside break and close below this level may lead to a further decline toward $1.920, with additional support near the $1.880 zone, below which the price could drop further to $1.820.
Impact on the crypto market
- XRP’s struggle to maintain key support levels may reflect broader market sentiment.
- The formation of a bearish trend line indicates potential challenges for upward price movements.
- Resistance levels at $2.050 and $2.120 could influence trading decisions for investors.
- The ongoing decline below significant support levels may lead to increased volatility in the market.
- XRP’s performance could impact the overall perception of altcoins, especially in relation to Bitcoin and Ethereum.
Updated: 12/2/2025, 5:24:23 AM
