XRP has been navigating a tight range between $2.35 and elon musk crypto exchange$2.50, with traders closely watching for breakout signals.
The digital asset found solid footing above the $2.40 psychological level during recent trading sessions.
Current price action remains above both the 100-hour SMA and key Fibonacci retracement levels.
Technical indicators show weakening momentum as the price tests a broken trendline near $2.43.
Market participants are weighing whether this consolidation will resolve with another push toward yearly highs.
XRP Price Action Analysis
Following its recent rebound from the $2.32 area, XRP demonstrated strength by clearing multiple resistance levels. The move mirrored broader market trends seen in major cryptocurrencies like Bitcoin and Ethereum.
The recovery stalled near the $2.50 mark, which coincides with the 50% retracement level of the previous downward move from $2.58 to $2.35. This created an interesting technical setup where the price needs to overcome several key levels to continue its upward trajectory.
On the hourly chart, we observe that XRP broke below an ascending trendline that had provided support near $2.43. This development suggests some short-term weakness, though the price remains comfortably above the 100-period moving average.
Looking ahead, immediate resistance appears near $2.45, followed by more significant barriers at $2.48 and $2.50. The latter represents the 61.8% Fibonacci level of the recent correction, making it a crucial level for traders to monitor.
Should buyers regain control and push through $2.50 decisively, the next targets would be $2.55 and potentially $2.65. Beyond that, the $2.80 area looms as a major psychological and technical resistance zone that could cap further upside.