XRP price struggled to continue higher above the $2.75 zone and dipped. The price is showing a few bearish signs below the $2.60 level.
XRP price started a strong upward move above the $2.50 level.
The price is now trading below $2.60 and the 100-hourly Simple Moving Average.
There is a connecting bearish trend line forming with resistance at $2.60 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair might start a fresh increase if it clears the $2.60 resistance zone.
XRP Price Recovery Could Soon Fade
XRP price started a recovery wave above the $2.00 support zone, like Bitcoin and Ethereum. The price gained pace for a move above the $2.20 and $2.45 resistance levels.
The bulls pumped the price above the $2.60 level. However, the bears remained active near the $2.75 level. A high was formed at $2.780 and the price is now correcting gains. There was a move below the $2.60 level. The price dipped below the 23.6% Fib retracement level of the upward wave from the $1.750 swing low to the $2.780 high.
The price is now trading below $2.60 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $2.60 level. There is also a connecting bearish trend line forming with resistance at $2.60 on the hourly chart of the XRP/USD pair.
The first major resistance is near the $2.70 level. The next resistance is $2.780. A clear move above the $2.780 resistance might send the price toward the $2.940 resistance. Any more gains might send the price toward the $3.000 resistance or even $3.050 in the near term. The next major hurdle for the bulls might be $3.120.
Another Decline?
If XRP fails to clear the $2.60 resistance zone, it could start another decline. Initial support on the downside is near the $2.260 level or the Fib retracement level of the upward wave from the $1.750 swing low to the $2.780 high. 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. The next major support sits near the $2.00 zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major Support Levels – $2.260 and $2.150.
Major Resistance Levels – $2.60 and $2.70.
