TLDR
- XRP price tested the $2.080 zone after a decline below $2.250 and $2.20 levels
- Currently trading above $2.150 with a potential upward move if it clears the $2.20 resistance
- A bearish head-and-shoulders pattern suggests further declines toward $2.00
- Technical indicators show mixed signals with MACD gaining pace in bullish zone but RSI trending downward
- Price projections from Standard Chartered suggest XRP could reach $5.50 by end of 2025
XRP, Ripple’s cryptocurrency, has been experiencing price volatility recently, with movements showing both recovery attempts and bearish patterns. The digital asset has been testing various support and resistance levels as traders watch for indications of its next major move.
XRP price recently started a fresh decline and tested the $2.080 zone after falling below the $2.250 and $2.20 levels. This downward movement mirrored similar declines seen in other major cryptocurrencies like Bitcoin and Ethereum during the same period.
The price formed a low at $2.085 and has since been attempting to recover. There was a move above the $2.10 and $2.120 levels. The price climbed above the 23.6% Fibonacci retracement level of the downward move from the $2.338 swing high to the $2.085 low.
A short-term rising channel appears to be forming with support at $2.140 on the hourly chart. Currently, XRP is trading above $2.150 and the 100-hourly Simple Moving Average, which could be seen as a positive sign for bulls.
On the upside, XRP may face resistance near the $2.20 level. The first major resistance is around $2.2120, close to the 50% Fibonacci retracement level of the downward move from the $2.338 swing high to the $2.085 low.
Technical Indicators Point to Mixed Signals
The hourly MACD (Moving Average Convergence Divergence) for XRP/USD appears to be gaining pace in the bullish zone, suggesting potential short-term upward momentum. However, the daily chart tells a different story.
On the daily timeframe, strong bearish momentum is evident with the RSI (Relative Strength Index) at 45, below its neutral level and trending downward. The MACD indicator on the daily chart has displayed a bearish crossover, signaling a sell-off and a downward trend.
Several factors have contributed to XRP’s tepid momentum, creating persistent selling pressure this month. Among the main drivers are technical breakdown patterns, with XRP confirming a bearish head-and-shoulders formation that predicts additional declines toward $2.00.
The token has struggled to maintain momentum above the crucial $2.20 support level, resulting in numerous rejections and declining buyer confidence. If its 50-day EMA (Exponential Moving Average) rejects it, XRP may continue to fall and retest its next daily support level at $1.96.
If XRP fails to clear the $2.20 resistance zone, it could start another decline. Initial support is near the $2.140 level and the trend line. The next major support is near the $2.120 level.
Future Price Projections
Looking ahead, the next resistance for XRP stands at $2.250. A clear move above this resistance might send the price toward the $2.320 resistance or even $2.3650 in the near term. The next major hurdle for the bulls might be $2.420.
On the downside, if there is a break and close below the $2.120 level, the price might continue to decline toward the $2.080 support. The next major support sits near the $2.020 zone.
Reputable financial institutions such as Standard Chartered provide longer-term projections, suggesting that XRP might reach $5.50 by the end of 2025, mainly due to expected ETF approvals and increased investor interest.
XRP may challenge its all-time high resistance level of $3.4 if investor confidence gains momentum. Factors such as Judge Torres’ decision, the SEC’s appeal strategies, and ETF-related news will continue to influence XRP’s short-term prospects.
A breakout above $2.2 might indicate a move towards the 50-day EMA. A sustained move through the 50-day EMA could lead to $2.5 and potentially the high of $2.68 seen on May 12.
The current XRP price of $2.19864 represents a change of 0.04 (0.0165%) from previous levels, indicating relatively stable trading in the most recent sessions.
