XRP Price Gears Up—Can It Overcome Key Resistance Levels?

NewsBTC
Updated
Mitrade
coverImg
Source: DepositPhotos

XRP price started a fresh recovery wave from the $2.20 zone. The price is now rising and might clear the $2.550 resistance zone.


  • XRP price started a decent upward move from the $2.20 support zone.

  • The price is now trading above $2.40 and the 100-hourly Simple Moving Average.

  • There is a connecting bullish trend line forming with support at $2.480 on the hourly chart of the XRP/USD pair (data source from Kraken).

  • The pair might continue to move up if it clears the $2.550 resistance zone.


XRP Price Faces Resistance


XRP price started a fresh decline below the $2.80 zone, like Bitcoin and Ethereum. The price dipped below the $2.60 and $2.50 levels.


The bears were able to push the price below $2.25. Finally, the bulls appeared near the $2.20 support zone. A base is forming and the price is now recovering losses above $2.30. There was a move above the 23.6% Fib retracement level of the downward move from the $3.00 swing high to the $2.211 low.

The price is now trading above $2.40 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support at $2.480 on the hourly chart of the XRP/USD pair.


On the upside, the price might face resistance near the $2.550 level. The first major resistance is near the $2.60 level. The next resistance is $2.70 or the 61.8% Fib retracement level of the downward move from the $3.00 swing high to the $2.211 low.


XRP Price


A clear move above the $2.70 resistance might send the price toward the $2.80 resistance. Any more gains might send the price toward the $2.880 resistance or even $2.920 in the near term. The next major hurdle for the bulls might be $3.00.


Another Decline?


If XRP fails to clear the $2.550 resistance zone, it could start another decline. Initial support on the downside is near the $2.480 level and the trend line. The next major support is near the $2.40 level.


If there is a downside break and a close below the $2.40 level, the price might continue to decline toward the $2.320 support. The next major support sits near the $2.20 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 – $2.40 and $2.320.

Major Resistance Levels – $2.550 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.

goTop
quote
Do you find this article useful?
Related Articles
placeholder
Bitcoin is the sixth-largest asset worldwideBitcoin is the sixth-largest asset worldwide, beating Google.
Author  Beincrypto
17 hours ago
Bitcoin is the sixth-largest asset worldwide, beating Google.
placeholder
Why Hasn't Ethereum Broken Through the $2,500 Key Level?Ethereum (ETH) fell nearly 1% in early trading on Friday. As of this writing, Ethereum is trading around $2,440.
Author  Insights
19 hours ago
Ethereum (ETH) fell nearly 1% in early trading on Friday. As of this writing, Ethereum is trading around $2,440.
placeholder
Cardano Price Forecast: ADA eyes further losses as the MVRV ratio flips negative, long liquidations surgeCardano (ADA) is up 1% at press time on Friday, reversing after two consecutive bearish days. Still, the price action points to a declining trend within a falling channel, as bearish momentum remains intact. 
Author  FXStreet
21 hours ago
Cardano (ADA) is up 1% at press time on Friday, reversing after two consecutive bearish days. Still, the price action points to a declining trend within a falling channel, as bearish momentum remains intact. 
placeholder
Ethereum Price Action Turns Bearish — Risk of Near-Term CorrectionEthereum price started a fresh increase above the $2,450 zone. ETH is now correcting gains from $2,520 and might slip to test the $2,320 zone.
Author  NewsBTC
Yesterday 03: 21
Ethereum price started a fresh increase above the $2,450 zone. ETH is now correcting gains from $2,520 and might slip to test the $2,320 zone.
placeholder
XRP Price Under Pressure — Can It Maintain The Bullish Structure?XRP price started a downside correction from the $2.220 zone. The price is consolidating and might decline further toward the $2.020 support.
Author  NewsBTC
Yesterday 03: 20
XRP price started a downside correction from the $2.220 zone. The price is consolidating and might decline further toward the $2.020 support.
Real-time Quote