XRP (Ripple) faces strong resistance around $2.40 (approximately 3,240 KRW), with rebound momentum stalling. The recent upward trend has halted in the price range where major moving averages overlap with historical downward points, and some analysts believe this remains a short-term rebound rather than a trend reversal.
Currently, XRP has strongly rebounded below $2.20 (approximately 2,970 KRW) and is facing resistance in the range of $2.40-$2.50 (approximately 3,240-3,375 KRW). From a technical analysis perspective, the convergence area of the 100-day, 200-day exponential moving averages (EMA) with the 26-day and 50-day EMA forms a resistance zone, which is a phenomenon that frequently occurs in a typical weak market.
The chart shows a prominent ascending wedge pattern formed after the low point at the end of October, but the trading volume in this range has not supported a significant upward trend. The Relative Strength Index (RSI) is also consolidating just above the 50 level, with no clear bullish signal.
The key price level that needs to be broken to achieve a trend reversal is between $2.58 and $2.65 (approximately 3,473-3,570 KRW). This range serves as both a historical support level and the current resistance level, and it converges with multiple moving averages. A breakout above this resistance zone and a recovery above $2.80-$2.85 (approximately 3,780-3,843 KRW) would be seen as a clearer trend reversal signal.
Conversely, if there is a decline, the first support level is at $2.32-$2.28 (approximately 3,132-3,078 KRW), followed by a potential drop to $2.20 and $2.05 (approximately 2,970 KRW and 2,788 KRW). If this scenario occurs, the possibility of further declining towards the $2 (approximately 2,700 KRW) level cannot be ruled out.
The analysis of volume flow indicates that the increase in supply near the resistance level is more pronounced than the positive buying pressure. Although there is buying response, no large-scale capital participation has been observed, and the market evaluates this rebound as more of a 'counter-trend rebound' nature.
The issue faced by market participants is very clear: if they expect an upward trend, they need to achieve a 'moving average slope reversal' and stabilize above $2.65. Otherwise, there is a high probability of returning to a downward channel, testing the October low point again. If the RSI technical indicator worsens to below 45, this possibility will be further enhanced.
