XRP Price Struggles to Hold Gains—Could Bears Take Over?
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XRP price is struggling to gain pace for a move above the $2.50 zone. The price is now moving lower and might decline below the $2.30 level.
XRP price started a fresh decline from the $2.50 zone.
The price is now trading below $2.420 and the 100-hourly Simple Moving Average.
There is a key bullish trend line forming with support at $2.3650 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair might start a fresh increase if it clears the $2.50 resistance zone.
XRP Price Dips Again
XRP price struggled to settle above the $2.50 resistance zone. The price started another decline from the $2.52 level, like Bitcoin and Ethereum. There was a move below the $2.45 level.
The price dipped below the 50% Fib retracement level of the upward move from the $2.31 swing low to the $2.52 high. The price even spiked below the $2.40 level. However, there is a key bullish trend line forming with support at $2.3650 on the hourly chart of the XRP/USD pair.
The price is now trading below $2.420 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $2.440 level. The first major resistance is near the $2.50 level.
The next resistance is $2.520. A clear move above the $2.520 resistance might send the price toward the $2.60 resistance. Any more gains might send the price toward the $2.650 resistance or even $2.720 in the near term. The next major hurdle for the bulls might be $2.80.
More Losses?
If XRP fails to clear the $2.50 resistance zone, it could start another decline. Initial support on the downside is near the $2.3620 level or 76.4% Fib retracement level of the upward move from the $2.31 swing low to the $2.52 high. The next major support is near the $2.2650 level.
If there is a downside break and a close below the $2.2650 level, the price might continue to decline toward the $2.140 support. The next major support sits near the $2.050 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 – $2.3650 and $2.280.
Major Resistance Levels – $2.50 and $2.60.
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* 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.
