Latest NewsBTC/XRP Price Encounters Significant Hurdle: Are Bulls Running Out of Fuel?XRP Price Encounters Significant Hurdle: Are Bulls Running Out of Fuel?Feb 5, 2025, 04:08 UTCXRPUSDXRPBTC. After recovering a significant portion of its previous losses and surging towards $2.75, XRP price now confronts obstacles around the $2.70 mark, potentially signaling another downturn.
XRP price began a robust ascent above the $2.60 threshold. However, it’s currently trading beneath $2.70 and the 100-hourly Simple Moving Average. A new bearish trend line is emerging, with resistance at $2.710 on the hourly XRP/USD chart (data sourced from Kraken). If the price clears the $2.780 resistance zone, it could trigger a new rally.
Similar to Bitcoin and Ethereum, XRP price initiated a recovery wave from the $1.75 support barrier. The price swiftly moved above the $2.00 and $2.25 resistance thresholds. Bulls managed to push the price beyond the $2.50 and $2.550 marks. However, bears continued to exert pressure below the $2.80 level. A peak was established at $2.780, but the price is now experiencing a correction.
The price slipped beneath the 23.6% Fib retracement level of the climb from the $1.750 low to the $2.780 peak. Presently, the price is trading under $2.70 and the 100-hourly Simple Moving Average. On the upside, resistance could be encountered near the $2.70 level, as well as at the bearish trend line resistance of $2.710 on the XRP/USD hourly chart. The first significant resistance is at the $2.780 level, followed by $2.80.
If the price surpasses the $2.80 resistance, it could propel the price towards the $2.940 resistance. Any further gains could push the price towards the $3.000 or even $3.050 resistance in the short term. The next significant challenge for the bulls is likely at $3.120.
Should XRP fail to break the $2.70 resistance, it may trigger another decline. Initial support on the downside is around the $2.420 level. The next key support level is near $2.2650 or the 50% Fib retracement level of the rise from the $1.750 low to the $2.780 peak. If the price breaks and closes below $2.2650, it could continue its decline towards the $2.20 support, with the next major support zone around $2.050.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently below 50.
Major Support Levels – $2.420 and $2.2650.
Major Resistance Levels – $2.70 and $2.780.
