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XRP price started a recovery wave above $2.050. The price is now showing positive signs but might struggle to clear the $2.10 resistance.
- XRP price started a recovery wave above the $2.050 zone.
- The price is now trading above $2.060 and the 100-hourly Simple Moving Average.
- There is a connecting bearish trend line forming with resistance at $2.090 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could continue to move up if it settles above $2.160.
XRP Price Faces Uphill Task
XRP price remained supported above $2.00 and started a recovery wave, like Bitcoin and Ethereum. The price was able to climb above $2.020 and $2.050 to enter a positive zone.
There was a clear move above the 23.6% Fib retracement level of the downward move from the $2.2130 swing high to the $1.990 low. However, the price is now facing resistance near $2.10. There is also a connecting bearish trend line forming with resistance at $2.090 on the hourly chart of the XRP/USD pair.
The price is now trading above $2.060 and the 100-hourly Simple Moving Average. If there is a fresh upward move, the price might face resistance near the $2.10 level and the trend line. The first major resistance is near the $2.1250 level.
A close above $2.1250 could send the price to $2.160 and the 76.4% Fib retracement level of the downward move from the $2.2130 swing high to the $1.990 low. The next hurdle sits at $2.220. A clear move above the $2.220 resistance might send the price toward the $2.280 resistance. Any more gains might send the price toward the $2.350 resistance. The next major hurdle for the bulls might be near $2.450.
Another Decline?
If XRP fails to clear the $2.10 resistance zone, it could start a fresh decline. Initial support on the downside is near the $2.050 level. The next major support is near the $2.00 level.
If there is a downside break and a close below the $2.00 level, the price might continue to decline toward $1.9650. The next major support sits near the $1.920 zone, below which the price could continue lower toward $1.850.
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 – $2.020 and $2.00.
Major Resistance Levels – $2.10 and $2.160.
