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 from $1.9840. The price is now rising above $2.120 and might face hurdles near the $2.250 pivot level.
- XRP price started a recovery wave from the $1.9840 zone.
- The price is now trading above $2.120 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trend line with resistance at $2.150 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could continue to move up if it settles above $2.250.
XRP Price Recovers Over 5%
XRP price extended losses below the $2.050 support, like Bitcoin and Ethereum. The price even spiked below $2.00 before the bulls appeared. A low was formed at $1.9844, and the price is now attempting to recover.
There was a move above the $2.050 and $2.120 levels. The bulls were able to push the price above the 50% Fib retracement level of the downward move from the $2.2750 swing high to the $1.9844 low. Besides, there was a break above a key bearish trend line with resistance at $2.150 on the hourly chart of the XRP/USD pair.
The price is now trading above $2.150 and the 100-hourly Simple Moving Average. If there is a fresh upward move, the price might face resistance near the $2.20 level or the 76.4% Fib retracement level of the downward move from the $2.2750 swing high to the $1.9844 low.
The first major resistance is near the $2.250 level. A close above $2.250 could send the price to $2.320. The next hurdle sits at $2.350. A clear move above the $2.350 resistance might send the price toward the $2.40 resistance. Any more gains might send the price toward the $2.450 resistance. The next major hurdle for the bulls might be near $2.50.
Another Decline?
If XRP fails to clear the $2.250 resistance zone, it could start a fresh decline. Initial support on the downside is near the $2.120 level. The next major support is near the $2.10 level.
If there is a downside break and a close below the $2.10 level, the price might continue to decline toward $2.050. The next major support sits near the $2.00 zone, below which the price could continue lower toward $1.920.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $2.120 and $2.10.
Major Resistance Levels – $2.20 and $2.250.
