XRP price tested the $2.280 zone and recently corrected some losses. The price is now facing hurdles near the $2.50 and $2.60 levels.
XRP price started a recovery wave from the $2.280 zone.
The price is now trading above $2.40 and the 100-hourly Simple Moving Average.
There was a break above a connecting bearish trend line with resistance at $2.450 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair might start a fresh increase if it clears the $2.50 resistance zone.
XRP Price Eyes Upside
XRP price started a recovery wave from the $2.280 support zone, like Bitcoin and Ethereum. A base was formed and the price started an increase above the $2.32 and $2.35 levels.
The bulls were able to push the price above the 23.6% Fib retracement level of the downward move from the $2.7849 swing high to the $2.2794 low. There was also a break above a connecting bearish trend line with resistance at $2.450 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 $2.50 level.
The first major resistance is near the $2.5320 level or the 50% Fib retracement level of the downward move from the $2.7849 swing high to the $2.2794 low. The next resistance is $2.60. A clear move above the $2.60 resistance might send the price toward the $2.720 resistance.
Any more gains might send the price toward the $2.780 resistance or even $2.80 in the near term. The next major hurdle for the bulls might be $2.880.
Another Decline?
If XRP fails to clear the $2.50 resistance zone, it could start another decline. Initial support on the downside is near the $2.380 level or the 100-hourly Simple Moving Average. The next major support is near the $2.280 level.
If there is a downside break and a close below the $2.280 level, the price might continue to decline toward the $2.140 support. The next major support sits near the $2.050 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 above the 50 level.
Major Support Levels – $2.380 and $2.280.
Major Resistance Levels – $2.50 and $2.60.
