XRP price found support near the $1.90 zone. The price is recovering losses and the bulls might soon aim for a move above the $2.35 resistance zone.
- XRP price started a fresh decline below the $2.25 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 $2.22 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might start another increase if it clears the $2.36 resistance.
XRP Price Eyes Fresh Surge
XRP price extended its decline below the $2.30 level like Bitcoin and Ethereum. There was a move below the $2.20 and $2.050 levels.
The price even dived below the $2.00 support. A low was formed at $1.898 and the price is now correcting some losses. There was a move above the $2.20 level. The price climbed above the 50% Fib retracement level of the downward move from the $2.64 swing high to the $1.898 low.
Besides, there was a break above a connecting bearish trend line with resistance at $2.22 on the hourly chart of the XRP/USD pair. The pair even spiked above the 61.8% Fib retracement level of the downward move from the $2.64 swing high to the $1.898 low.
However, the bears are active below the $2.40 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 $2.36 level. The first major resistance is near the $2.40 level.
Source: XRPUSD on TradingView.com
The next resistance is $2.475. A clear move above the $2.4750 resistance might send the price toward the $2.550 resistance. Any more gains might send the price toward the $2.650 resistance or even $2.720 in the near term. The next major hurdle for the bulls might be $2.880.
Another Decline?
If XRP fails to clear the $2.360 resistance zone, it could start another decline. Initial support on the downside is near the $2.150 level. The next major support is near the $2.050 level.
If there is a downside break and a close below the $2.050 level, the price might continue to decline toward the $1.880 support. The next major support sits near the $1.750 zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $2.1500 and $2.0500.
Major Resistance Levels – $2.3500 and $2.4750.
Aayush Jindal
Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.
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