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XRP Price Steadies Above Support: Preparing for the Next Move?

Source Newsbtc

XRP price remained in a range below the $2.50 zone. The price is consolidating above $2.150 and might aim for a fresh increase above the $2.40 level.

XRP price started another decline and traded below the $2.40 level.
The price is now trading below $2.40 and the 100-hourly Simple Moving Average.
There is a key bearish trend line forming with resistance at $2.38 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair might start another increase if it clears the $2.40 resistance.

XRP Price Consolidates above Support

XRP price started another decline after it failed to surpass the $2.50 resistance zone unlike Bitcoin and Ethereum. There was a move below the $2.40 and $2.30 levels.

However, the bulls remained active above the last low and support at $2.15. The price is now moving higher and trading above $2.20. It is testing the 23.6% Fib retracement level of the recent drop from the $2.866 swing high to the $2.166 low.

The price is now trading below $2.40 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $2.35 level. There is also a key bearish trend line forming with resistance at $2.38 on the hourly chart of the XRP/USD pair.

The first major resistance is near the $2.40 level. The next resistance is at $2.50. It is close to the 50% Fib retracement level of the recent drop from the $2.866 swing high to the $2.166 low.

A clear move above the $2.50 resistance might send the price toward the $2.650 resistance. Any more gains might send the price toward the $2.70 resistance or even $2.850 in the near term. The next major hurdle for the bulls might be $3.00.

Another Decline?

If XRP fails to clear the $2.380 resistance zone, it could start another decline. Initial support on the downside is near the $2.200 level. 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 and the trend line. The next major support sits near the $2.00 zone.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.

Major Support Levels – $2.2000 and $2.1500.

Major Resistance Levels – $2.3800 and $2.5000.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

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