XRP price attempted an upside break above the $2.350 resistance zone. The price is struggling and slowly moving lower toward the $2.20 support.
- XRP price is attempting a fresh increase above the $2.250 resistance zone.
- The price is now trading above $2.25 and the 100-hourly Simple Moving Average.
- There is a key declining channel forming with resistance at $2.288 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might start a decent increase if it clears the $2.30 resistance.
XRP Price Fails Again
XRP price started a fresh increase above the $2.20 support level, like Bitcoin and Ethereum. There was a decent increase above the $2.25 and $2.30 levels.
The price even tested the $2.35 level before the bears appeared. A high was formed at $2.348 and the price is now correcting gains. There was a move below the $2.30 level. The price dipped below the 23.6% Fib retracement level of the upward move from the $2.130 swing low to the $2.348 high.
The price is now trading above $2.25 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $2.288 level. There is also a key declining channel forming with resistance at $2.288 on the hourly chart of the XRP/USD pair.
The first major resistance is near the $2.30 level. The next resistance is $2.35. A clear move above the $2.35 resistance might send the price toward the $2.50 resistance.
Any more gains might send the price toward the $2.550 resistance or even $2.650 in the near term. The next major hurdle for the bulls might be $2.720.
Another Decline?
If XRP fails to clear the $2.30 resistance zone, it could start another decline. Initial support on the downside is near the $2.24 level. The next major support is near the $2.210 level or the 61.8% Fib retracement level of the upward move from the $2.130 swing low to the $2.348 high.
If there is a downside break and a close below the $2.210 level, the price might continue to decline toward the $2.150 support. The next major support sits near the $2.050 zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major Support Levels – $2.240 and $2.210.
Major Resistance Levels – $2.300 and $2.350.
