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 Price Forecast: BTC bears aim for $100k as escalation in Russia-Ukraine war sparks risk-off sentimentBitcoin (BTC) is extending its decline on Monday, trading below $105,000 at the time of writing after falling over 3% last week.
Author  FXStreet
3 hours ago
Bitcoin (BTC) is extending its decline on Monday, trading below $105,000 at the time of writing after falling over 3% last week.
placeholder
Bitcoin Price Risks Break Down To $92,000 As It Enters Accumulation PhaseThe Bitcoin price has turned bearish after hitting a new all-time high above $111,000 back in May. This turn in the tide was expected as the rally put Bitcoin holders in massive profit, showing a
Author  NewsBTC
3 hours ago
The Bitcoin price has turned bearish after hitting a new all-time high above $111,000 back in May. This turn in the tide was expected as the rally put Bitcoin holders in massive profit, showing a
placeholder
Top 3 Crypto Gainers FLR, XMR, and ZEC: Flare leads the layer-1 rally with aims to unlock XRP’s DeFi potentialWith the broader crypto market holding above key levels on the weekends, layer-1 tokens lead the positive start this week.
Author  FXStreet
3 hours ago
With the broader crypto market holding above key levels on the weekends, layer-1 tokens lead the positive start this week.
placeholder
Elon Musk said X is launching XChat with Bitcoin-style encryptionElon Musk announced on Sunday through a post on X that the platform is rolling out an entirely new messaging tool called XChat. According to Elon, the new feature includes end-to-end encryption, disappearing messages, support for any file type, and cross-platform audio and video calling without requiring a phone number. He said it’s built in […]
Author  Cryptopolitan
10 hours ago
Elon Musk announced on Sunday through a post on X that the platform is rolling out an entirely new messaging tool called XChat. According to Elon, the new feature includes end-to-end encryption, disappearing messages, support for any file type, and cross-platform audio and video calling without requiring a phone number. He said it’s built in […]
placeholder
Bitcoin Set To Hit $120,000? Analyst Predicts New ATH By Mid-JuneAfter trading at nearly $112,000 to establish a new all-time high (ATH), Bitcoin has since slipped into a corrective phase losing over 7% of its value since then. Despite this market downturn, prominent crypto analyst with X username KillaXBT has tipped the premier cryptocurrency to regain its bullish form, and soon re-enter price discovery territory. […]
Author  Cryptopolitan
10 hours ago
After trading at nearly $112,000 to establish a new all-time high (ATH), Bitcoin has since slipped into a corrective phase losing over 7% of its value since then. Despite this market downturn, prominent crypto analyst with X username KillaXBT has tipped the premier cryptocurrency to regain its bullish form, and soon re-enter price discovery territory. […]
Real-time Quote