The XRP price remained within a range below the $2.50 zone. The price is consolidating above USD 2.150 and could aim for a fresh rise above the USD 2.40 level.
- The XRP price started falling again and traded below the $2.40 level.
- The price is now trading below $2.40 and the 100-hourly Simple Moving Average.
- A major bearish trendline is forming with resistance at $2.38 on the hourly chart of the XRP/USD pair (Kraken data source).
- The pair could rise again if it breaks the $2.40 resistance.
XRP price consolidates above support
The XRP price started declining again after it failed to cross the $2.50 resistance zone, unlike Bitcoin and Ethereum. There was a move below the USD 2.40 and USD 2.30 levels.
However, the bulls remained active above the last low and supported at $2.15. The price is now moving higher and is trading above $2.20. It tests the 23.6% Fib retracement level of the recent decline from the $2,866 swing high to the $2,166 low.
The price is now trading below $2.40 and the 100-hourly Simple Moving Average. On the upside, the price could encounter resistance near the USD 2.35 level. There is also a major bearish trendline forming with resistance at $2.38 on the hourly chart of the XRP/USD pair.
The first major resistance is around the $2.40 level. The next resistance is at $2.50. It is close to the 50% Fib retracement level of the recent decline from the $2,866 swing high to the $2,166 low.
A clear move above the USD 2.50 resistance could send the price towards the USD 2.650 resistance. Any further gains could send the price towards the near-term resistance at $2.70 or even $2.850. The next big hurdle for the bulls could be $3.00.
Another drop?
If XRP fails to break the USD 2,380 resistance zone, it could trigger another decline. The initial downside support is near the $2,200 level. The next major support is near the $2,150 level.
If there is a downside break and a close below the $2,150 level, the price could continue falling towards the $2,050 support and the trendline. The next major support is near the $2.00 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 below the 50 level.
Major support levels – USD 2.2000 and USD 2.1500.
Major resistance levels – $2.3800 and $2.5000.