The XRP price started a steady rise above USD 2,220. The price is now struggling to clear USD 2,280 and could start a new decline below USD 2,150.
- The XRP price started a new increase above the $2.20 zone.
- The price is now trading near USD 2,180 and the 100-hourly Simple Moving Average.
- An almost bearish trendline is forming with resistance at $2.2250 on the hourly chart of the XRP/USD pair (Kraken data source).
- The pair could continue to decline if it falls below $2,150.
XRP price faces resistance
The XRP price started a decent upward move above USD 2,120 and USD 2,150, like Bitcoin and Ethereum. The price gained pace and made a clear move above the USD 2.20 resistance.
The bulls even pumped the price above the $2,240 zone. A high was formed at $2,286 and the price started a downward correction. There was a move below the 23.6% Fib retracement level of the upward move from the $1,817 swing low to the $2,286 high.
The price is now trading near USD 2,180 and the 100-hourly Simple Moving Average. Moreover, an almost bearish trendline is forming with resistance at $2.2250 on the hourly chart of the XRP/USD pair.
If a new upward move occurs, the price may encounter resistance near the $2.2250 level. The first major resistance is near the USD 2.250 level, above which the price could rise and test USD 2.2850. A clear move above the USD 2.2850 resistance could send the price towards the USD 2.350 resistance. Any further gains could send the price towards the resistance at USD 2.4320. The next major hurdle for the bulls could be near $2.50.
Disadvantage of sequel?
If XRP fails to break the USD 2,250 resistance zone, it could trigger another decline. The initial downside support is near the $2,150 level. The next major support is near the $2.10 level.
If there is a downside break and a close below the $2.10 level, the price could continue falling towards $2.050 and the 50% Fib retracement level of the upward move from the $1.817 swing low to the $2.286 high. The next major support is near the $2.00 zone, below which the price could fall further towards $1.9250.
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 below the 50 level.
Major support levels – USD 2,150 and USD 2,050.
Major resistance levels – $2,250 and $2,280.