XRP Price Battles Key Hurdles: Can Bulls Prevail?

Aayush Jindal

5 months ago

2 mins read

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XRP price corrected some losses and climbed above the $2.25 zone. The price is now struggling to clear the $2.350 resistance zone.

XRP price is attempting a fresh increase above the $2.250 resistance zone.
The price is now trading above $2.25 and the 100-hourly Simple Moving Average.
There is a connecting bullish trend line forming with support at $2.285 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair might start a decent increase if it clears the $2.350 resistance.

XRP Price Faces Hurdles

XRP price started a fresh increase above the $2.20 support level, like Bitcoin and Ethereum. There was a decent increase above the $2.25 and $2.30 levels.

The price even tested the $2.35 level before the bears appeared. A high was formed at $2.348 and the price is now consolidating gains. There was a minor decline below the 23.6% Fib retracement level of the upward move from the $2.130 swing low to the $2.348 high.

The price is now trading above $2.25 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support at $2.285 on the hourly chart of the XRP/USD pair.

On the upside, the price might face resistance near the $2.32 level. The first major resistance is near the $2.35 level. The next resistance is $2.40. A clear move above the $2.40 resistance might send the price toward the $2.50 resistance.

XRP Price — Source: XRPUSD on TradingView.com

Any more gains might send the price toward the $2.550 resistance or even $2.650 in the near term. The next major hurdle for the bulls might be $2.720.

Another Decline?

If XRP fails to clear the $2.350 resistance zone, it could start another decline. Initial support on the downside is near the $2.28 level and the trend line. The next major support is near the $2.240 level or the 50% Fib retracement level of the upward move from the $2.130 swing low to the $2.348 high.

If there is a downside break and a close below the $2.240 level, the price might continue to decline toward the $2.20 support. The next major support sits near the $2.050 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 – $2.280 and $2.240.

Major Resistance Levels – $2.350 and $2.40.

Aayush Jindal

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