XRP Price Hovers at Support — Can The 100 SMA Spark Bullish Bounce?

XRP price corrected gains from the $2.30 zone. The price is now consolidating near the $2.150 support and might aim for a fresh increase.

• XRP price started a fresh increase above the $2.150 zone.

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

• There is a key bearish trend line forming with resistance at $2.20 on the hourly chart of the XRP/USD pair (data source from Kraken).

• The pair might start another increase unless there is a close below the $2.150 support.

XRP Price Dips To Support

XRP price started a decent upward wave above the $2.120 and $2.150 resistance levels, like Bitcoin and Ethereum. The price traded above the $2.220 and $2.250 levels to start a decent increase.

A high was formed at $2.299 and the price started a downside correction. There was a move below the $2.20 and $2.180 support levels. A low was formed at $2.120 and the price started another increase. It cleared the 50% Fib retracement level of the downward move from the $2.299 swing high to the $2.120 low.

However, the bears are active near the $2.2350 level and the 61.8% Fib retracement level of the downward move from the $2.299 swing high to the $2.120 low. There is also a key bearish trend line forming with resistance at $2.20 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 and the trend line. The first major resistance is near the $2.2350 level.

The next resistance is $2.30. A clear move above the $2.30 resistance might send the price toward the $2.350 resistance. Any more gains might send the price toward the $2.450 resistance or even $2.50 in the near term. The next major hurdle for the bulls might be $2.620.

More Downsides?

If XRP fails to clear the $2.20 resistance zone, it could start another decline. Initial support on the downside is near the $2.1620 level. The next major support is near the $2.150 level.

If there is a downside break and a close below the $2.150 level, the price might continue to decline toward the $2.120 support. The next major support sits near the $2.0650 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 below the 50 level.

Major Support Levels – $2.1650 and $2.150.

Major Resistance Levels – $2.200 and $2.2350.