Despite the rally, technical analysis suggests that XRP could battle with resistance near $2.25, or reverse to retest this level even when there’s a breakout. Price movements are becoming increasingly reactive, and there could be a potential breakout or breakdown, depending on how this level resolves.
Notably, this level is clustered with Fibonacci levels, like the 0.392 retracement level from the January 2025 peak, and close to the Fibonacci retracement zone at 0.118 (near $2.27) from the April peak price.
So far, XRP buyers have held the line after bouncing off $2.077, which aligns with the 0.382 retracement level. However, the relative strength index (RSI) near 72 shows that XRP is approaching overbought conditions on the hourly timeframe, which adds another layer of complexity.
Interestingly, the buying volume surrounding XRP has provided early confirmation of this bullish trend. At the time of writing, XRP has since broken above the $2.25 level on the hourly chart, although it needs to close above it on the daily timeframe. XRP is currently trading at $2.37.
Featured image from Unsplash, chart from TradingView
