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XRP price started a fresh increase above the $2.30 zone. The price is now correcting gains and holding the $2.220 support zone.
- XRP price started a fresh increase above the $2.30 zone.
- The price is now trading below $2.2650 and the 100-hourly Simple Moving Average.
- There is a key contracting triangle forming with support at $2.220 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might start another increase unless there is a close below the $2.220 support.
XRP Price Holds Key Support
XRP price started a decent upward wave above the $2.250 and $2.280 resistance levels, beating Bitcoin and Ethereum. The price traded above the $2.30 level to enter a positive zone.
A high was formed at $2.359 and the price started a downside correction. There was a move below the $2.30 and $2.280 support levels. The price tested the $2.220 support zone. A low was formed at $2.2220 and the price is now consolidating losses below the 23.6% Fib retracement level of the downward move from the $2.359 swing high to the $2.2220 low.
The price is now trading below $2.2650 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $2.250 level.
The first major resistance is near the $2.280 level. There is also a key contracting triangle forming with support at $2.220 on the hourly chart of the XRP/USD pair. The next resistance is $2.30 and the 61.8% Fib retracement level of the downward move from the $2.359 swing high to the $2.2220 low.
A clear move above the $2.30 resistance might send the price toward the $2.350 resistance. Any more gains might send the price toward the $2.320 resistance or even $2.350 in the near term. The next major hurdle for the bulls might be $2.420.
Dips Supported?
If XRP fails to clear the $2.2650 resistance zone, it could start another decline. Initial support on the downside is near the $2.220 level. The next major support is near the $2.20 level.
If there is a downside break and a close below the $2.20 level, the price might continue to decline toward the $2.160 support. The next major support sits near the $2.120 zone.
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 – $2.220 and $2.20.
Major Resistance Levels – $2.2650 and $2.30.
