XRP price found support at $2.080 and started a fresh increase. The price is now facing resistance near $2.1650 and struggling to continue higher.
XRP price started a recovery wave from the $2.080 zone.
The price is now trading below $2.170 and the 100-hourly Simple Moving Average.
There is a key bearish trend line forming with resistance near $2.160 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair might start another increase if there is a close above the $2.1680 resistance.
XRP Price Recovery Could Fade
XRP price started a downside correction below the $2.20 and $2.150 levels, like Bitcoin and Ethereum. The price even declined below the $2.120 level before the bulls appeared.
A low was formed at $2.0780 and the price is now correcting losses. There was a move above the $2.10 and $2.120 levels. The price cleared the 23.6% Fib retracement level of the downward move from the $2.2579 swing high to the $2.078 low.
However, the bears are active near the $2.1650 zone. There is also a key bearish trend line forming with resistance near $2.160 on the hourly chart of the XRP/USD pair.
The price is now trading below $2.170 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $2.160 level. The first major resistance is near the $2.1680 level and the 50% Fib retracement level of the downward move from the $2.2579 swing high to the $2.078 low.
The next resistance is $2.20. A clear move above the $2.20 resistance might send the price toward the $2.220 resistance. Any more gains might send the price toward the $2.250 resistance or even $2.30 in the near term. The next major hurdle for the bulls might be $2.320.
Another Decline?
If XRP fails to clear the $2.160 resistance zone, it could start another decline. Initial support on the downside is near the $2.120 level. The next major support is near the $2.080 level.
If there is a downside break and a close below the $2.080 level, the price might continue to decline toward the $2.050 support. The next major support sits near the $2.020 zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $2.120 and $2.080.
Major Resistance Levels – $2.1680 and $2.20.
