The price of the cryptocurrency XRP is experiencing a correction after a recent rally. Currently, the price stands at $2.87, down 3%.
Current Market Situation of XRP
As of the time of publishing, XRP is trading at $2.87, reflecting a 3% decrease in one day. This drop follows the failure of the price to break the psychological level at $3.00, which is now seen as a key short-term resistance area. Nevertheless, the overall trend remains bullish as XRP continues to trade above its 200-day moving average and previous breakout levels.
Price Structure and Trend of XRP
The four-hour chart reveals a steep uptrend that began gaining momentum around July 9, when XRP broke above $2.50. This rally was backed by volume. Currently, the price is consolidating just below resistance, without invalidating the uptrend. The 200-day moving average at $2.37 indicates potential support levels.
Key Price Levels for XRP
Key resistance levels for XRP include: - $2.95 – intraday barrier - $3.00 – key psychological resistance - $3.12 – July swing high
Support levels include: - $2.75 – minor support from previous candle bodies - $2.61 – base of the last consolidation - $2.35 – 200-day moving average
The current situation in the XRP market suggests a potential consolidation. Depending on the broader market dynamics, the price may either continue fluctuating within the $2.75–$2.90 range or attempt another push toward the $3.00 resistance.
