Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
XRP price started a fresh increase above $2.550. The price is now facing hurdles above $2.650 and at risk of another decline in the near term.
- XRP price failed to continue higher above $2.70 and corrected some gains.
- The price is now trading below $2.60 and the 100-hourly Simple Moving Average.
- There is a bearish trend line forming with resistance at $2.65 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could start a fresh increase if it stays above $2.5120.
XRP Price Holds Support
XRP price formed a short-term top near $2.69 and started a downside correction, like Bitcoin and Ethereum. The price dipped below the $2.65 and $2.62 levels.
There was a move below the 23.6% Fib retracement level of the upward wave from the $2.327 swing low to the $2.697 high. The price even spiked below $2.55 but remained stable above $2.50. Besides, there is a bearish trend line forming with resistance at $2.65 on the hourly chart of the XRP/USD pair.
The price is now trading below $2.60 and the 100-hourly Simple Moving Average. If there is a fresh upward move, the price might face resistance near the $2.620 level. The first major resistance is near the $2.650 level and the trend line, above which the price could rise and test $2.680.
A clear move above the $2.680 resistance might send the price toward the $2.720 resistance. Any more gains might send the price toward the $2.750 resistance. The next major hurdle for the bulls might be near $2.80.
More Losses?
If XRP fails to clear the $2.650 resistance zone, it could start a fresh decline. Initial support on the downside is near the $2.550 level. The next major support is near the $2.5120 level and the 50% Fib retracement level of the upward wave from the $2.327 swing low to the $2.697 high.
If there is a downside break and a close below the $2.5120 level, the price might continue to decline toward $2.468. The next major support sits near the $2.420 zone, below which the price could continue lower toward $2.40.
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 below the 50 level.
Major Support Levels – $2.550 and $2.5120.
Major Resistance Levels – $2.620 and $2.650.
