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XRP price started a fresh decline below the $2.320 zone. The price is now correcting losses and might aim for a move above the $2.350 resistance.
- XRP price started a fresh decline below the $2.300 zone.
- The price is now trading below $2.320 and the 100-hourly Simple Moving Average.
- There was a break above a connecting bearish trend line with resistance at $2.2920 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might start another decline if it fails to clear the $2.3250 level.
XRP Price Faces Resistance
XRP price found support at $2.220 and recently started a recovery wave, unlike Bitcoin and Ethereum. There was a move above the $2.2650 and $2.280 resistance levels,
There was a move above the 50% Fib retracement level of the downward wave from the $2.3540 swing high to the $2.2279 low. Besides, there was a break above a connecting bearish trend line with resistance at $2.2920 on the hourly chart of the XRP/USD pair.
However, the bears were active near the $2.30 level. The price is now trading below $2.320 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $2.3250 level. It is near the 76.4% Fib retracement level of the downward wave from the $2.3540 swing high to the $2.2279 low.
The first major resistance is near the $2.3350 level. The next resistance is $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 $2.420 resistance or even $2.450 in the near term. The next major hurdle for the bulls might be $2.50.
Another Drop?
If XRP fails to clear the $2.320 resistance zone, it could start another decline. Initial support on the downside is near the $2.280 level. The next major support is near the $2.260 level.
If there is a downside break and a close below the $2.260 level, the price might continue to decline toward the $2.2320 support. The next major support sits near the $2.20 zone.
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 – $2.280 and $2.260.
Major Resistance Levels – $2.320 and $2.340.
