XRP Price Stalls as Bulls Face Resistance Near the $2.60 Level

After a major decline, XRP price found support near the $1.90 zone. A base was formed and the price started a recovery wave above the $2.05 pivot level, like Bitcoin and Ethereum.

XRP price showed some recovery above the $2.20 pivot level. However, the bulls faced many hurdles on the upside, which limited the gains in recent trades.

At the moment, the price hovers at $2.40. It has found support at the $1.90 zone, where a base was formed. Afterward, the price managed to rise above the $2.05 pivot level, similar to Bitcoin and Ethereum.

The recovery wave met resistance at the $2.20 zone, where the price formed a minor base and started another rally. The bulls gained strength for a spike above the 50-day simple moving average (SMA) (blue).

During the rise, the price hit a high of $2.60, where it faced rejection by the bears. The price pulled back and traded below the 50% Fibonacci (Fib) retracement level of the downward move from the $3.010 swing high to the $1.910 low.

XRP Price Remains Bounded

Furthermore, the price failed to break through the 61.8% Fib retracement level of the same move, which could be a barrier for the next move.

There was a reaction to the downside, and the price is now consolidating just below the 50-day SMA. The current price action is slightly negative, and it seems like the bulls are facing many hurdles on the upside.

If they attempt another increase, they could face resistance at the $2.350 level. The first major resistance is now forming near the $2.50 level.

The main hurdle is now forming near the $2.750 level. There is also a key bearish trend line forming with resistance at $2.75 on the same chart.

A close above the $2.750 level might decrease the bearish pressure and send the price toward the $3.00 resistance.

The next key resistance is now forming near the $3.250 zone and the 1.236 Fib extension level of the downward move from the $3.010 swing high to the $1.910 low.

Any more gains might call for a move toward the $3.50 level. Conversely, XRP price might struggle to recover above the $2.60 resistance and start another decline.

Immediate support is present at the $2.350 level, below which the price might gain bearish momentum. The first major support sits near the $2.250 level.

The next major support is present at the $2.050 level. A daily close below the $2.050 level could spark another major decline.

In the stated case, the bears might aim for a move toward the $1.90 support. The next target for the bears could be $1.80. Any more losses might send the price toward the $1.650 support. Overall, XRP price is consolidating at $2.40. To start a fresh increase, it must settle above $2.60 and then $2.750. If not, the bears could aim for a drop toward the $2.050 level.