The XRP price found support near the $1.90 zone. The price is recovering the losses and the bulls could soon target a move above the USD 2.35 resistance zone.
- The XRP price started a new decline below the $2.25 zone.
- The price is now trading below $2,320 and the 100-hourly Simple Moving Average.
- There was a break above a connecting bearish trendline with resistance at $2.22 on the hourly chart of the XRP/USD pair (Kraken data source).
- The pair could rise again if it breaks the resistance at $2.36.
XRP price looks set for a fresh rise
The XRP price extended its decline below the $2.30 level, like Bitcoin and Ethereum. There was a move below the USD 2.20 and USD 2.050 levels.
The price even dipped below the $2.00 support. A low was formed at $1,898 and the price is now correcting some losses. There was a move above the USD 2.20 level. The price climbed above the 50% Fib retracement level of the downward move from the $2.64 swing high to the $1,898 low.
Additionally, there was a break above a connecting bearish trendline with resistance at $2.22 on the hourly chart of the XRP/USD pair. The pair even peaked above the 61.8% Fib retracement level of the downward move from the $2.64 swing high to the $1,898 low.
However, the bears are active below the USD 2.40 level. The price is now trading below $2,320 and the 100-hourly Simple Moving Average. On the upside, the price could encounter resistance near the USD 2.36 level. The first major resistance is around the $2.40 level.
The next resistance is $2,475. A clear move above the USD 2.4750 resistance could send the price towards the USD 2.550 resistance. Any further gains could send the price towards the USD 2,650 or even USD 2,720 resistance in the near term. The next major hurdle for the bulls could be $2,880.
Another drop?
If XRP fails to break the USD 2,360 resistance zone, it could trigger another decline. The initial downside support is near the $2,150 level. The next major support is near the $2,050 level.
If there is a downside break and a close below the $2,050 level, the price could continue falling towards the $1,880 support. The next major support is near the $1,750 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 – USD 2.1500 and USD 2.0500.
Major resistance levels – $2.3500 and $2.4750.