XRP price started a fresh recovery wave above the $2.450 zone. The price is now struggling to clear the $2.480 and $2.50 resistance levels.
- XRP price started a fresh recovery wave above the $2.420 resistance zone.
- The price is now trading above $2.420 and the 100-hourly Simple Moving Average.
- There is a connecting bullish trend line forming with support at $2.430 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might extend losses if it breaks the $2.420 support zone.
XRP Price Faces Resistance
XRP price remained supported and started a recovery wave above the $2.350 zone, like Bitcoin and Ethereum. The price was able to clear the $2.420 and $2.450 resistance levels.
The price even tested the $2.50 resistance. However, there was no upside break, and the price reacted to the downside. There was a move below the $2.45 level. A low was formed at $2.40 and the price is now consolidating. There was a fresh upward move above the 50% Fib retracement level of the recent decline from the $2.50 swing high to the $2.40 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 $2.430 on the hourly chart of the XRP/USD pair.
On the upside, the price might face resistance near the $2.4550 level. The first major resistance is near the $2.480 level or the 76.4% Fib retracement level of the recent decline from the $2.50 swing high to the $2.40 low.
The next resistance is $2.50. A clear move above the $2.50 resistance might send the price toward the $2.550 resistance. Any more gains might send the price toward the $2.650 resistance or even $2.6650 in the near term. The next major hurdle for the bulls might be $2.80.
More Losses?
If XRP fails to clear the $2.50 resistance zone, it could start another decline. Initial support on the downside is near the $2.420 level or 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 $2.350 support. The next major support sits near the $2.280 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 near the 50 level.
Major Support Levels – $2.420 and $2.40.
Major Resistance Levels – $2.480 and $2.50.
