XRP's Price Volatility: Surges 10% Then Retreats

XRP, the cryptocurrency associated with Ripple, has recently experienced a volatile period, with its price initially surging above the $2.050 mark before encountering resistance and retracing its gains. The price of XRP began a recovery wave, surpassing key resistance levels at $2.050 and $2.080, similar to the movements seen in Bitcoin and Ethereum. This upward momentum pushed the price towards $2.150, but the bulls faced significant resistance, leading to a downward correction.

The price dipped below the $2.10 and $2.080 support levels, but the bulls managed to protect the 76.4% Fib retracement level of the upward move from the $2.038 swing low to the $2.139 high. Currently, XRP is trading above $2.080 and the 100-hourly Simple Moving Average, with a connecting bullish trend line forming support at $2.080 on the hourly chart of the XRP/USD pair. However, the price faces resistance near the $2.10 level, with the first major resistance at $2.120. A clear move above the $2.150 resistance could potentially send the price towards the $2.20 resistance, and further gains might push it towards $2.220 or even $2.250 in the near term. The next major hurdle for the bulls is at $2.350.

If XRP fails to clear the $2.10 resistance zone, it could start another decline. Initial support on the downside is near the $2.080 level and the trend line, with the next major support at $2.060. A downside break and close below the $2.060 level could see the price continue to decline towards the $2.0320 support, with the next major support near the $2.00 zone. Technical indicators show that the MACD for XRP/USD is losing pace in the bullish zone, while the RSI for XRP/USD is below the 50 level. Major support levels are at $2.080 and $2.060, with major resistance levels at $2.10 and $2.120.

In summary, the recent gains of XRP have faded quickly, with the price struggling to maintain its upward momentum. The cryptocurrency faces significant resistance at key levels, and a failure to clear these hurdles could lead to another decline. Technical indicators suggest a loss of bullish momentum, and the price is currently consolidating above $2.080. The next few days will be crucial in determining the direction of XRP's price movement, as it navigates through these resistance and support levels.