XRP News Today: XRP Price Consolidates Above $2.250 Zone, Eyes $2.350 Resistance

XRP price has initiated a consolidation phase above the $2.250 zone, indicating a potential upward trend. The price is currently rising and may target a break above the $2.350 resistance level. This upward movement follows a recent correction below the $2.420 level, which was influenced by the broader market trends of Bitcoin and Ethereum. Despite this correction, bullish activity near the $2.650 level prevented a further decline, leading to a low at $2.2670. The price has since recovered, surpassing the $2.300 resistance and breaking above a connecting bearish trend line with resistance at $2.30 on the hourly chart of the XRP/USD pair.

The price is now trading below $2.40 and the 100-hourly Simple Moving Average, with potential resistance near the $2.380 level. This resistance is close to the 50% Fib retracement level of the downward move from the $2.4767 swing high to the $2.2670 low. The first major resistance is near the $2.40 level, followed by the $2.420 resistance. A clear move above the $2.420 resistance might send the price toward the $2.480 resistance, with further gains potentially reaching the $2.550 resistance or even $2.5650 in the near term. The next major hurdle for the bulls might be $2.650.

However, if XRP fails to clear the $2.380 resistance zone, it could start another decline. Initial support on the downside is near the $2.320 level, with the next major support near the $2.30 level. A downside break and a close below the $2.30 level could see the price continue to decline toward the $2.2650 support, with the next major support sitting near the $2.250 zone.

Technical indicators suggest a bullish momentum for XRP/USD, with the MACD gaining pace in the bullish zone and the RSI above the 50 level. Major support levels are identified at $2.320 and $2.30, while major resistance levels are at $2.380 and $2.420. The current price action indicates a potential for XRP to reclaim key resistance levels, but caution is advised as the market remains volatile.