XRP Price Surge Stalls: What's Next?
The cryptocurrency market's rally stalled on Wednesday, halting the uptrend that started on Monday.
The uptrend in the cryptocurrency market has cooled as the market digests the news of easing tensions in the Middle East.
As of writing, Bitcoin is up slightly by 0.3% and trading steadily above $106K. Ethereum is down slightly by 0.7% and struggling to break through the key resistance level of $2,500. Ripple (XRP) is down by 1.8% and hovering around $2.18.
Source: TradingView
XRP Price Outlook
The recovery of XRP from the $1.90 support level can be directly attributed to the renewed risk-on sentiment generated by signs of easing geopolitical tensions.
However, the RSI indicator on the daily chart is hovering around the neutral level of 50, indicating that the bullish momentum is fading. To maintain the bullish momentum, the RSI indicator should continue to break through the neutral level.
Currently, the XRP price faces resistance near $2.20. The first major resistance is near $2.220, while another is $2.250.
If the price of XRP can break above the $2.250 resistance, it could rise further to $2.320, which is the next resistance level.
If the price fails to break above the $2.20 resistance, it could start a new decline. An initial support is near $2.150, while another major support is near $2.080.
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