XRP price is struggling to surpass $2.50 and $2.60. It is consolidating and remains at risk of another decline if there is a close below $2.30.
XRP Price Faces Key Hurdles
After a major drop to $1.00, XRP saw a sharp recovery wave like Bitcoin. The price climbed and reclaimed the key $2.00 handle. The bulls pumped the price above the 61.8% Fib retracement level of the main decline from the $3.10 swing high to the $1.00 low.
However, the bears seem to be active near the $2.50 and $2.60 levels. More importantly, there is a key bearish trend line forming with resistance at $2.90 on the daily chart.
XRP price is now trading well below the $3.00 pivot zone and the 50-day simple moving average (blue). The current price action is weak and suggests that the bears are slowly taking over. If the bears continue to protect $2.60 and the 76.4% Fib retracement level of the main decline from the $3.10 swing high to the $1.00 low, there could be a fresh bearish reaction.
Immediate support is near the $2.320 level. The first major support sits near $2.30. A daily close below the $2.30 support could spark a sharp increase in selling interest.
The next area of interest below $2.30 could be $2.00. If the bulls fail to protect the $2.00 handle, the price could tumble. In the stated scenario, the price could slide below $1.920. The main hurdle for the bears could be $1.60. Any more losses could send the price toward the $1.50 support zone.
Upside Break?
If the bulls remain in action near $2.320 or $2.30, there could be a fresh increase. Immediate resistance sits near the $2.50 level. The first major hurdle is $2.60. The main hurdle is now forming near $2.90, the trend line, and the 50-day simple moving average (blue).
A close above $2.90 and $3.00 could start a decent rally. The next stop for the bulls might be $3.10. Any more gains might open the doors for a move toward the $3.350 region or even to the 1.236 Fib extension level of the main decline from the $3.10 swing high to the $1.00 low at $3.60.
Overall, XRP price faces key hurdles near $2.60 and $2.90. If the bears remain active, there could be a fresh decline toward $2.00 or even $1.92.