Jakarta, Pintu News – Ripple (XRP) recently formed a short-term top near $2.69 before starting a downward correction. The price dipped below the $2.65 and $2.62 levels, showing significant fluctuations.

Despite a dip below the 23.6% Fibonacci retracement level of the upward wave from $2,327 to $2,697, Ripple (XRP) remains stable above $2.50. This situation gives rise to speculation about the potential for a significant price increase in the near future.

Recent Technical Analysis

Currently, Ripple (XRP) is trading below $2.60 and the 100-hour simple moving average. In case of an upside move, Ripple (XRP) may face resistance near the $2,620 level. The first major resistance is near the $2,650 level, where there is a bearish trend line on the hourly chart of Ripple (XRP) against the US dollar (USD).

If Ripple (XRP) manages to break the $2,650 resistance, there is potential to test $2,680. A clear break above the $2,680 resistance could push the price towards $2,720, and possibly further towards $2,750. The next big hurdle for the bulls is near $2.80.

Also Read: 5 Strong Signals Dogecoin (DOGE) Could Explode in November: Here’s What Analysts Say

Potential Price Drop

If Ripple (XRP) fails to break the $2,650 resistance zone, the price could drop again. Initial support on the downside is near the $2,550 level. The next major support is near $2.5120, which is the 50% Fibonacci retracement level of the upside wave from $2.327 to $2.697. In case of a downward breakout and close below the $2.5120 level, the price of Ripple (XRP) might continue to decline towards $2.468. The next major support lies in the $2.420 zone, below which the price could continue to drop towards $2.40.

Technical Indicators

The hourly Moving Average Convergence Divergence (MACD) indicator for Ripple (XRP) against the US dollar (USD) is currently losing momentum in the bearish zone. Meanwhile, the hourly Relative Strength Index (RSI) for Ripple (XRP) is below the 50 level, suggesting that sellers may have temporary control over the price dynamics.

The key supports lie at $2,550 and $2,5120, while the key resistance levels are $2,620 and $2,650. The next price movement will largely depend on Ripple’s (XRP) ability to maintain critical support or break through the established resistance.

Conclusion

With volatile market conditions, investors and traders should pay attention to technical indicators and important support and resistance levels. Ripple (XRP) is currently at a tipping point, and subsequent price movements will provide clearer clues about the short-term direction of this digital currency.

Also Read: Will Ripple (XRP) Surge Before 2030? Check out his bold prediction!

Follow us on Google News to get the latest information about the world of crypto and blockchain technology. Check today‘ s bitcoin price, today’s solana price, pepe coin and other crypto asset prices through Pintu Market.

Enjoy an easy and secure crypto trading experience by downloading Pintu crypto app via Google Play Store or App Store now. Also, get a web trading experience with various advanced trading tools such as pro charting, various types of order types, and portfolio tracker only at Pintu Pro.

*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities are subject to high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying andselling Bitcoin and other crypto asset investments are the responsibility of the reader.

Reference