XRP price started a fresh recovery wave above the $2.40 zone. The price is now correcting gains from $2.50 and might revisit the $2.35 support.
- XRP price started a fresh recovery wave above the $2.40 resistance zone.
- The price is now trading above $2.40 and the 100-hourly Simple Moving Average.
- There was a break below a connecting bullish trend line 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 $2.40 support zone.
XRP Price Trims Gains
XRP price remained supported and started a recovery wave above the $2.320 zone, similar to Bitcoin and Ethereum. The price was able to clear both the $2.40 and $2.420 resistance levels.
The bulls made significant progress, propelling the price above the 50% Fibonacci retracement level of the downward wave from the $2.580 swing high to the $2.354 low. The price even tested the $2.50 resistance. However, an upside continuation was not realized, leading to a reactive downturn.
A break below a connecting bullish trend line with support at $2.430 has been observed on the hourly chart of the XRP/USD pair. Presently, the price is trading above $2.40 and the 100-hourly Simple Moving Average.
On the upside, the price might encounter resistance around the $2.450 level, with the first major resistance situated near the $2.480 mark. A further level of resistance at $2.50 aligns with the 61.8% Fibonacci retracement level from the downward wave from the $2.580 swing high to the $2.354 low.
A decisive move above the $2.50 resistance could see the price targeting the $2.550 level. If upward momentum persists, projections indicate potential movement toward resistance levels of $2.650 or even $2.6650 in the near term. The next significant goal for bullish traders may be the $2.80 mark.
More Losses?
Should XRP fail to surpass the $2.480 resistance zone, it risks entering another phase of decline. Initial support on the downside is found at approximately $2.40, followed closely by significant support around the $2.350 level.
A downward break and close below $2.350 could lead the price to further declines, possibly targeting the $2.320 support. Additional major support sits near the $2.250 zone.
Technical Indicators:
- Hourly MACD: The MACD for XRP/USD is currently losing momentum within the bullish range.
- Hourly RSI (Relative Strength Index): The RSI for XRP/USD has dropped below the 50 mark.
- Major Support Levels: $2.40 and $2.350.
- Major Resistance Levels: $2.480 and $2.50.
