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, similar to trends seen in 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, forming a base that has enabled the price to recover losses above $2.30. This upward move has also crossed the 23.6% Fibonacci retracement level of the downward move from the $3.00 swing high to the $2.211 low.
Currently, the price is trading above $2.40 and the 100-hourly Simple Moving Average. A bullish trend line is forming with support at $2.480 on the hourly chart of the XRP/USD pair.
Moving forward, the price may face resistance near the $2.550 level. The first major resistance is situated around $2.60, followed by another resistance at $2.70, which coincides with the 61.8% Fibonacci retracement level of the downward trend from the $3.00 swing high to the $2.211 low.
A clear move above the $2.70 resistance might propel the price toward the $2.80 area. If momentum continues, the price could reach the $2.880 resistance or even the $2.920 mark in the near term, with $3.00 being the next significant target for the bulls.
Another Decline?
However, if XRP fails to clear the $2.550 resistance zone, it could trigger another decline. Initial support on the downside is near the $2.480 level and the trendline. The next major support is likely near the $2.40 level.
Should a downside break occur with a close below the $2.40 level, the price may continue to decline toward the $2.320 support, with the $2.20 zone serving as the next significant support level.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is currently gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is above the 50 level, indicating bullish sentiment.
Major Support Levels – $2.40 and $2.320.
Major Resistance Levels – $2.550 and $2.70.
