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 recovery wave above $2.40. The price is now facing resistance near $2.5350 and at risk of a fresh decline.
- XRP price is moving lower from the $2.5350 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 $2.420 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could start a fresh increase if it clears the $2.5350 resistance.
XRP Price Faces Resistance
XRP price formed a base above $2.20 and started a recovery wave, like Bitcoin and Ethereum. The price surpassed the $2.350 and $2.40 resistance levels.
The bulls were able to push the price above $2.50, and the 50% Fib retracement level of the downward move from the $2.647 swing high to the $2.190 low. However, the bears remained active near the $2.5350 level and prevented more gains.
The price failed to clear the 76.4% Fib retracement level of the downward move from the $2.647 swing high to the $2.190 low. It is again moving below $2.50. The price is now trading above $2.40 and the 100-hourly Simple Moving Average. Besides, there is a connecting bullish trend line forming with support at $2.420 on the hourly chart of the XRP/USD pair.
If there is a fresh upward move, the price might face resistance near the $2.480 level. The first major resistance is near the $2.50 level, above which the price could rise and test $2.5350.
A clear move above the $2.5350 resistance might send the price toward the $2.580 resistance. Any more gains might send the price toward the $2.650 resistance. The next major hurdle for the bulls might be near $2.720.
Another Drop?
If XRP fails to clear the $2.50 resistance zone, it could start a fresh decline. Initial support on the downside is near the $2.420 level. The next major support is near the $2.40 level.
If there is a downside break and a close below the $2.40 level, the price might continue to decline toward $2.350. The next major support sits near the $2.320 zone, below which the price could continue lower toward $2.250.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major Support Levels – $2.420 and $2.40.
Major Resistance Levels – $2.50 and $2.5350.
