XRP price has initiated a fresh recovery wave from the $1.90 zone. Current market trends indicate positive signs, and the price may be on the verge of clearing the $2.250 resistance zone.
- XRP price began a notable decline from the $2.200 resistance zone.
- The current trading position is below $2.1850 and the 100-hourly Simple Moving Average.
- A short-term rising channel is forming, with resistance anticipated at $2.250 on the hourly chart of the XRP/USD pair (data source from Kraken).
- If the pair successfully breaks through the $2.250 resistance zone, it may continue its upward trajectory.
XRP Price Dips Further
After struggling to breach the $2.20 level, XRP price commenced a fresh decline, following similar trends observed in Bitcoin and Ethereum. The price saw a decline below critical support levels of $2.120 and $2.050.
The bears extended the price drop beneath the $2.00 mark, resulting in a low of $1.90, before a recent upward movement began. XRP successfully moved above the $1.980 and $2.00 resistance levels and has surpassed the 50% Fibonacci retracement level from the downward wave originating from the $2.365 swing high to the recent low.
At present, XRP is trading below $2.1850 and the 100-hourly Simple Moving Average. On the other hand, the price could encounter resistance near the $2.250 level, where a short-term rising channel is forming on the hourly chart.
Notably, the 76.4% Fibonacci retracement level from the previous descent positions close to $2.250, with initial significant resistance lying near $2.350.
The subsequent resistance level to monitor is positioned at $2.420. Should there be a decisive move above this resistance, the price may climb toward $2.450, with continued gains possibly targeting the $2.50 or even $2.550 levels in the upcoming term. The next major hurdle for bullish traders could be at $2.650.
Another Decline?
If XRP fails to breach the $2.250 resistance zone, there is the potential for a further decline. Initial support on the downside can be found around the $2.150 level, with the next significant support at approximately $2.120.
A downside break and a close below the $2.120 level might lead the price to continue its downward movement toward the $2.050 support. The ultimate major support lies near the $2.00 mark.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is currently losing momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is trending above the 50 level.
Major Support Levels – $2.120 and $2.050.
Major Resistance Levels – $2.250 and $2.350.
