XRP price started a fresh recovery wave from the $2.20 zone. The price is now rising and might clear the $2.550 resistance zone.
- XRP price started a decent upward move from the $2.20 support zone.
- The price is now trading above $2.40 and the 100-hourly Simple Moving Average.
- There is a connecting bullish trend line forming with support at $2.480 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might continue to move up if it clears the $2.550 resistance zone.
XRP Price Faces Resistance
XRP price started a fresh decline below the $2.80 zone, like Bitcoin and Ethereum. The price dipped below the $2.60 and $2.50 levels.
The bears were able to push the price below $2.25. Finally, the bulls appeared near the $2.20 support zone. A base is forming and the price is now recovering losses above $2.30. There was a move above the 23.6% Fib retracement level of the downward move from the $3.00 swing high to the $2.211 low.
The price is now trading above $2.40 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support at $2.480 on the hourly chart of the XRP/USD pair.
On the upside, the price might face resistance near the $2.550 level. The first major resistance is near the $2.60 level. The next resistance is $2.70 or the 61.8% Fib retracement level of the downward move from the $3.00 swing high to the $2.211 low.
A clear move above the $2.70 resistance might send the price toward the $2.80 resistance. Any more gains might send the price toward the $2.880 resistance or even $2.920 in the near term. The next major hurdle for the bulls might be $3.00.
Another Decline?
If XRP fails to clear the $2.550 resistance zone, it could start another decline. Initial support on the downside is near the $2.480 level and the trend line. The next major support is near the $2.40 level.
If there is a downside break and a close below the $2.40 level, the price might continue to decline toward the $2.320 support. The next major support sits near the $2.20 zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $2.40 and $2.320.
Major Resistance Levels – $2.550 and $2.70.
