XRP Holds Above $2.99 Support as Traders Eye Fed Decision.
Ripple’s XRP remains above the crucial $2.99 support level, indicating a possible rebound may be underway.
FUNDAMENTAL OVERVIEW:
XRP broke below the daily support level of $3.40 on July 23, dropping by 11% the following day. It then retested and found support near the 61.8% Fibonacci retracement level at $2.99 on Friday, rebounding 3.43% over the weekend. On Monday, XRP corrected by 3.5%, stabilizing around $3.12 on Tuesday. As of Wednesday, it is trading steadily near $3.13.
If the $2.99 support holds, XRP may resume its recovery, potentially revisiting the former support level at $3.40. However, a decisive close below $2.99 could trigger a further decline toward the next daily support at $2.72.
Traders are closely watching the upcoming U.S. Federal Reserve interest rate decision on Wednesday, which is likely to spark increased volatility across major cryptocurrencies.
XRP TECHNICAL ANALYSIS DAILY CHART:
Technical Overview:
XRP is trading within a down channel.
XRP is moving above all the Moving Averages (SMA).
The Relative Strength Index (RSI) is in the Buying Zone, while the Stochastic oscillator suggests a Positive trend.
Immediate Resistance level: 3.35
Immediate support level: 2.60
HOW TO TRADE XRP
After a strong upward trend, Ripple entered a consolidation phase within a range. It recently broke out to the upside but failed to sustain the move and reversed lower. Currently, Ripple is undergoing a pullback and approaching a key support zone. If this support level holds, the price could potentially resume its upward momentum.