XRP price remained in a range below the $2.50 area. The price is consolidating above $2,150 and may aim for a new increase above the $2.40 level.
- XRP price started another decline and was trading below the $2.40 level.
- The price is now trading below the $2.40 level and the 100 hourly simple moving average.
- There is a major bearish trend line forming with resistance at $2.38 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair may start another rise if it crosses the $2.40 resistance level.
XRP price is consolidating above the support level
XRP price started another decline after it failed to cross the $2.50 resistance area unlike Bitcoin and Ethereum. There was a move below the $2.40 and $2.30 levels.
However, the bulls remained active above the recent bottom and support at $2.15. The price is now moving higher and trading above $2.20. It is testing the 23.6% Fibonacci retracement level of the recent decline from the high of $2,866 to the low of $2,166.
The price is now trading below the $2.40 level and the 100 hourly simple moving average. On the upside, the price may face resistance near the $2.35 level. There is also a major bearish trend line forming with resistance at $2.38 on the hourly chart of the XRP/USD pair.
The first major resistance is located near the $2.40 level. The next resistance is located at $2.50. It is close to the 50% Fib retracement level of the recent decline from the high of $2,866 to the low of $2,166.
A clear move above the $2.50 resistance level could send the price towards the $2.650 resistance level. Any further gains could push the price towards the $2.70 resistance level or even $2.850 in the near term. The next major hurdle for the bulls could be $3.00.
Another retreat?
If XRP fails to cross the $2,380 resistance area, it could start another decline. Initial support on the downside is near the $2,200 level. The next major support is near the $2,150 level.
If there is a downside breakout and close below the $2,150 level, the price may continue to fall towards the $2,050 support level and trend line. The next major support is near the $2.00 area.
Technical indicators
Hourly MACD – The MACD for XRP/USD is now losing speed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Key Support Levels – $2.2000 and $2.1500.
Major resistance levels – $2.3800 and $2.5000.
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