The XRP price started a new rise above $2,550. The price is now facing hurdles above USD 2,650 and is at risk of another decline in the near term.
- The XRP price did not remain above $2.70 and corrected some gains.
- The price is now trading below $2.60 and the 100-hourly Simple Moving Average.
- A bearish trendline is forming with resistance at $2.65 on the hourly chart of the XRP/USD pair (Kraken data source).
- The pair could start a new rise if it remains above $2.5120.
XRP price holds support
The XRP price formed a short-term top near $2.69 and began a downward correction, just like Bitcoin and Ethereum. The price fell below the $2.65 and $2.62 levels.
There was a move below the 23.6% Fib retracement level of the upwave from the $2,327 swing low to the $2,697 high. The price even peaked below $2.55, but remained stable above $2.50. Furthermore, a bearish trendline is forming with resistance at $2.65 on the hourly chart of the XRP/USD pair.
The price is now trading below $2.60 and the 100-hourly Simple Moving Average. If a new upward move occurs, the price may encounter resistance near the $2,620 level. The first major resistance is near the $2,650 level and trendline, above which the price could rise and test $2,680.
A clear move above the USD 2,680 resistance could send the price towards the USD 2,720 resistance. Any further gains could send the price towards the USD 2,750 resistance. The next major hurdle for the bulls could be near $2.80.
Lose more?
If XRP fails to break the USD 2,650 resistance zone, it could trigger another decline. The initial downside support is near the $2,550 level. The next major support is near the $2.5120 level and the 50% Fib retracement level of the upward wave from the $2.327 swing low to the $2.697 high.
If there is a downside break and a close below the $2.5120 level, the price could continue falling towards $2.468. The next major support is near the $2.420 zone, below which the price could fall further towards $2.40.
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 below the 50 level.
Major support levels – USD 2,550 and USD 2,5120.
Major resistance levels – $2,620 and $2,650.