XRP price struggled to continue higher above the $2.75 zone and dipped. The price is showing a few bearish signs below the $2.60 level.
XRP price started a strong upward move above the $2.50 level.
The price is now trading below $2.60 and the 100-hourly Simple Moving Average.
There is a connecting bearish trend line forming with resistance at $2.60 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair might start a fresh increase if it clears the $2.60 resistance zone.
XRP Price Recovery Could Soon Fade
XRP price started a recovery wave above the $2.00 support zone, like Bitcoin and Ethereum. The price gained pace for a move above the $2.20 and $2.45 resistance levels.
The bulls pumped the price above the $2.60 level. However, the bears remained active near the $2.75 level. A high was formed at $2.780 and the price is now correcting gains. There was a move below the $2.60 level. The price dipped below the 23.6% Fib retracement level of the upward wave from the $1.750 swing low to the $2.780 high.
The price is now trading below $2.60 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $2.60 level. There is also a connecting bearish trend line forming with resistance at $2.60 on the hourly chart of the XRP/USD pair.
The first major resistance is near the $2.70 level. The next resistance is $2.780. A clear move above the $2.780 resistance might send the price toward the $2.940 resistance. Any more gains might send the price toward the $3.000 resistance or even $3.050 in the near term. The next major hurdle for the bulls might be $3.120.
Another Decline?
If XRP fails to clear the $2.60 resistance zone, it could start another decline. Initial support on the downside is near the $2.260 level or the Fib retracement level of the upward wave from the $1.750 swing low to the $2.780 high. 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 $2.050 support. The next major support sits near the $2.00 zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major Support Levels – $2.260 and $2.150.
Major Resistance Levels – $2.60 and $2.70.
* 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.
