XRP Price Tries to Bounce Back—But Hurdles May Delay the Comeback

NewsBTC
Updated
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XRP price started a fresh decline and tested the $2.080 zone. The price is now recovering and might aim for an upward move above the $2.20 resistance.

  • XRP price started a decent upward move from the $2.080 zone.

  • The price is now trading above $2.150 and the 100-hourly Simple Moving Average.

  • There is a short-term rising channel forming with support at $2.140 on the hourly chart of the XRP/USD pair (data source from Kraken).

  • The pair might start another increase if it clears the $2.20 resistance zone.

XRP Price Eyes Recovery

XRP price declined below the $2.250 and $2.20 levels, like Bitcoin and Ethereum. The price even declined below the $2.120 zone and tested the $2.080 support.

A low was formed at $2.085 and the price is now attempting to recover. There was a move above the $2.10 and $2.120 levels. The price climbed above the 23.6% Fib retracement level of the downward move from the $2.338 swing high to the $2.085 low.

Besides, there is a short-term rising channel forming with support at $2.140 on the hourly chart of the XRP/USD pair. The price is now trading above $2.150 and the 100-hourly Simple Moving Average.

On the upside, the price might face resistance near the $2.20 level. The first major resistance is near the $2.2120 level. It is close to the 50% Fib retracement level of the downward move from the $2.338 swing high to the $2.085 low.

XRP Price

The next resistance is $2.250. A clear move above the $2.250 resistance might send the price toward the $2.320 resistance. Any more gains might send the price toward the $2.350 resistance or even $2.3650 in the near term. The next major hurdle for the bulls might be $2.420.

Another Decline?

If XRP fails to clear the $2.20 resistance zone, it could start another decline. Initial support on the downside is near the $2.140 level and the trend line. The next major support is near the $2.120 level.

If there is a downside break and a close below the $2.120 level, the price might continue to decline toward the $2.080 support. The next major support sits near the $2.020 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 – $2.150 and $2.120.

Major Resistance Levels – $2.20 and $2.2120.

* The content presented above, whether from a third party or not, is considered as general advice only.  This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.

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