Aayush Jindal
Key Highlights
- XRP price rallied over 25% and tested the $3.00 resistance zone before trimming gains.
- It broke a key bullish trend line with support at $2.35 on the 4-hour chart.
- Bitcoin price trimmed all gains and is back below the $90,000 resistance.
- Ethereum started a fresh decline toward the $2,000 support zone.
XRP Price Technical Analysis
XRP price started a major rally from the $2.20 zone after Trump’s strategic reserves announcement. The bulls pumped the price above the $2.50 and $2.750 resistance levels.
Looking at the 4-hour chart, the price broke a key bearish trend line with resistance at $2.550. It surged over 25% and settled above the 100 simple moving average (red, 4 hours) and the 200 simple moving average (green, 4 hours).
It traded close to the $3.00 resistance before there was a pullback. The price dipped below $2.550 and $2.40. It also broke a key bullish trend line with support at $2.35. The price is now back below $2.30.
On the upside, XRP price might face resistance near the $2.40 level. The next major resistance is near $2.50. A successful close above the $2.50 level might spark a decent increase. In the stated case, the price may perhaps rise toward the $2.65 level.
The next stop for the bulls may perhaps be near the $2.80 level. Any more gains might send XRP toward $3.00. If there is a fresh decline, the price might find bids near the $2.250 level.
The first major support is near the $2.20 level. Any more losses might reverse the recent surge and push the price toward $2.00.
Economic Releases
- Fed's Barkin speech.
- Fed's Williams speech.
