XRP price restored most losses and collected more than 25%. The price is back above $ 2.65 and is now confronted with obstacles near the $ 2,820 level.
- XRP price started a strong upward movement above the level of $ 2.50.
- The price is now traded under $ 2.80 and the 100-hour simple advancing average.
- There was a break above a connecting bearish trend line with resistance at $ 2,420 on the hour table of the XRP/USD pair (data source of Kraken).
- The couple can start a new increase if it knew the $ 2,820 resistance zone.
XRP -price recovers more than 25%
XRP price started a new fall below $ 2,850 zone, such as Bitcoin and Ethereum. The price fell sharply among the support levels of $ 2.50 and $ 2,350. The bears even pushed it under $ 2.00.
There was a sharp decrease of more than 25% and the price tested the $ 1.75 zone. A layer was formed at $ 1.75 and the price recently started a competitive wave. The bulls pumped the price above the levels of $ 2.20 and $ 2.50. There was a movement above the 61.8% FIB retracement level of the downward movement of the $ 3,155 swing high to $ 1,750 low.
By the way, there was a break over a connecting Bearish trend line with resistance at $ 2,420 on the hourly table of the XRP/USD pair. The price is now traded under $ 2.80 and the 100-hour simple advancing average.
At the top the price can face the resistance to the level of $ 2.80. The first major resistance is near the level of $ 2,820 and the FIB racement level of 76.4% of the downward movement of the $ 3,155 swing high to the layer of $ 1,750. The next resistance is $ 2,940.
A clear movement above the $ 2,940 resistance can send the price to $ 3.00 resistance. More profits can send the price to the resistance of $ 3,050 or even $ 3,120 in the short term. The next big obstacle for the bulls is perhaps $ 3.20.
Another decline?
If XRP did not know the $ 2,820 resistance zone, it can start a new decline. The first support at the disadvantage is near the level of $ 2,620. The next major support is near the level of $ 2.50.
If there is a downward break and a closure of the level of $ 2.50, the price can continue to fall in the direction of the $ 2,450 support. The next major support is near the $ 2,350 zone.
Technical indicators
MACD per hour – The MACD for XRP/USD now wins pace in the bullish zone.
Picly RSI (relative strength -index) -The RSI for XRP/USD is now above 50 -level.
Important support levels – $ 2,620 and $ 2,450.
Important resistance levels – $ 2.80 and $ 2,820.