XRP price started a fresh recovery wave from the $1.90 zone. The price is now showing positive signs and might clear the $2.250 resistance zone.
- XRP price started a fresh decline from the $2.200 resistance zone.
- The price is now trading below $2.1850 and the 100-hourly Simple Moving Average.
- There is a short-term rising channel forming with resistance at $2.250 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might continue to move up if it clears the $2.250 resistance zone.
XRP Price Dips Further
XRP price started a fresh decline after it failed to clear the $2.20 zone, like Bitcoin and Ethereum. The price declined below the $2.120 and $2.050 support levels.
The bears even pushed the price below $2.00. A low was formed at $1.90 and the price recently started a decent upward move. There was a move above the $1.980 and $2.00 resistance levels. The price surpassed the 50% Fib retracement level of the downward wave from the $2.365 swing high to the $1.90 low.
The price is now trading below $2.1850 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $2.250 level. There is also a short-term rising channel forming with resistance at $2.250 on the hourly chart of the XRP/USD pair.
The 76.4% Fib retracement level of the downward wave from the $2.365 swing high to the $1.90 low is also near the $2.250 level. The first major resistance is near the $2.350 level.
The next resistance is $2.420. A clear move above the $2.420 resistance might send the price toward the $2.450 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 $2.250 resistance zone, it could start another decline. Initial support on the downside is near the $2.150 level. The next major support is near the $2.120 level.
If there is a downside break and a close below the $2.120 level, the price might continue to decline toward the $2.050 support. The next major support sits near the $2.00 zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $2.120 and $2.050.
Major Resistance Levels – $2.250 and $2.350.
