XRP price found support near the $1.90 area. The price is recovering from its losses and the bulls may soon target a move above the $2.35 resistance area.
- XRP price started a new decline below the $2.25 region.
- The price is now trading below the $2,320 level and the 100 hourly simple moving average.
- There was a break above the downtrend line connected with resistance at $2.22 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair may start another rise if it crosses the $2.36 resistance level.
XRP prices eye new high
Like Bitcoin and Ethereum, the price of XRP continued to fall below the $2.30 level. There was a move below the $2.20 and $2.050 levels.
The price even fell below the $2.00 support level. The bottom was formed at $1,898 and the price is now correcting some losses. There was a move above the $2.20 level. The price rose above the 50% Fibonacci retracement level of the downward move from the swing high at $2.64 to the swing low at $1.898.
Moreover, there was a break above the downtrend line connected with resistance at $2.22 on the hourly chart of the XRP/USD pair. The pair even rose above the 61.8% Fibonacci retracement level of the downward move from the swing high of $2.64 to the low of $1.898.
However, the bears are active below the $2.40 level. The price is now trading below the $2,320 level and the 100 hourly simple moving average. On the upside, the price may face resistance near the $2.36 level. The first major resistance is located near the $2.40 level.
The next resistance is $2,475. A clear move above the $2.4750 resistance level could send the price towards the $2.550 resistance level. Any further gains may push the price towards the $2,650 resistance level or even $2,720 in the near term. The next major hurdle for the bulls could be $2,880.
Another retreat?
If XRP fails to cross the $2,360 resistance area, 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 breakout and close below the $2,050 level, the price may continue to fall towards the $1,880 support level. The next major support is near the $1,750 area.
Technical indicators
Hourly MACD – The MACD for XRP/USD is now losing speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Key Support Levels – $2.1500 and $2.0500.
Key resistance levels – $2.3500 and $2.4750.
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