XRP price started a fresh recovery wave above the $2.40 zone. The price is now correcting gains from $2.50 and might revisit the $2.35 support.
XRP price started a fresh recovery wave above the $2.40 resistance zone.
The price is now trading above $2.40 and the 100-hourly Simple Moving Average.
There was a break below a connecting bullish trend line with support at $2.430 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair might extend losses if it breaks the $2.40 support zone.
XRP Price Trims Gains
XRP price remained supported and started a recovery wave above the $2.320 zone, like Bitcoin and Ethereum. The price was able to clear the $2.40 and $2.420 resistance levels.
The bulls were able to push the price above the 50% Fib retracement level of the downward wave from the $2.580 swing high to the $2.354 low. The price even tested the $2.50 resistance. However, there was no upside continuation and the price reacted to the downside.
There was a break below a connecting bullish trend line with support at $2.430 on the hourly chart of the XRP/USD pair. The price is now trading above $2.40 and the 100-hourly Simple Moving Average.
On the upside, the price might face resistance near the $2.450 level. The first major resistance is near the $2.480 level. The next resistance is $2.50 or the 61.8% Fib retracement level of the downward wave from the $2.580 swing high to the $2.354 low.
A clear move above the $2.50 resistance might send the price toward the $2.550 resistance. Any more gains might send the price toward the $2.650 resistance or even $2.6650 in the near term. The next major hurdle for the bulls might be $2.80.
* 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.
