XRP price is holding the ground above $2.20 despite pressure on Bitcoin. The price is still consolidating and aiming for a fresh increase above the $2.320 resistance.
- XRP price is still in a range mode above the $2.25 zone.
- The price is now trading below $2.350 and the 100-hourly Simple Moving Average.
- There is a connecting bearish trend line forming with resistance at $2.3250 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might start a fresh increase if it stays above the $2.20 support.
XRP Price Consolidates Below $2.40
XRP price failed to start a fresh increase above the $2.40 and $2.42 resistance levels. The price reacted to the downsides, but losses were limited compared to Bitcoin and Ethereum. There was a move below the $2.30 and $2.2650 support levels.
The last swing low was formed at $2.235, and the price is now consolidating. There was a move above the $2.25 level. The price cleared the 23.6% Fib retracement level of the downward move from the $2.390 swing high to the $2.235 low.
The price is now trading below $2.350 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $2.320 level. There is also a key bearish trend line forming with resistance at $2.3250 on the hourly chart of the XRP/USD pair.
The first major resistance is near the $2.35 level or the 76.4% Fib retracement level of the downward move from the $2.390 swing high to the $2.235 low.
The next resistance is $2.40. A clear move above the $2.40 resistance might send the price toward the $2.45 resistance. Any more gains might send the price toward the $2.50 resistance or even $2.550 in the near term. The next major hurdle for the bulls might be $2.650.
Another Decline?
If XRP fails to clear the $2.350 resistance zone, it could start another decline. Initial support on the downside is near the $2.250 level. The next major support is near the $2.220 level.
If there is a downside break and a close below the $2.220 level, the price might continue to decline toward the $2.20 support. The next major support sits near the $2.120 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 above the 50 level.
Major Support Levels – $2.25 and $2.220.
Major Resistance Levels – $2.320 and $2.350.
