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XRP price started a fresh increase above the $2.050 zone. The price is now consolidating above $2.080 and is struggling to gain pace above the $2.150 resistance.
- XRP price started a fresh increase above the $2.080 zone.
- The price is now trading above $2.080 and the 100-hourly Simple Moving Average.
- There is a connecting bullish trend line forming with support at $2.080 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might gain bullish momentum if it clears the $2.150 resistance zone.
XRP Price Trims Gains
XRP price started a recovery wave above the $2.050 and $2.080 resistance levels, like Bitcoin and Ethereum. The price traded above the $2.10 and $2.120 levels to start a decent increase.
The bulls even pushed the price toward $2.150 before the bears appeared. A high was formed at $2.139 and the price started a downside correction. There was a move below the $2.10 and $2.080 support levels. The price even dipped below the 50% Fib retracement level of the upward move from the $2.038 swing low to the $2.139 high.
However, the bulls protected the 76.4% Fib retracement level of the upward move from the $2.038 swing low to the $2.139 high. The price is now trading above $2.080 and the 100-hourly Simple Moving Average.
There is also a connecting bullish trend line forming with support at $2.080 on the hourly chart of the XRP/USD pair. On the upside, the price might face resistance near the $2.10 level. The first major resistance is near the $2.120 level.
The next resistance is $2.150. A clear move above the $2.150 resistance might send the price toward the $2.20 resistance. Any more gains might send the price toward the $2.220 resistance or even $2.250 in the near term. The next major hurdle for the bulls might be $2.350.
Another Decline?
If XRP fails to clear the $2.10 resistance zone, it could start another decline. Initial support on the downside is near the $2.080 level and the trend line. The next major support is near the $2.060 level.
If there is a downside break and a close below the $2.060 level, the price might continue to decline toward the $2.0320 support. The next major support sits near the $2.00 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 below the 50 level.
Major Support Levels – $2.080 and $2.060.
Major Resistance Levels – $2.10 and $2.120.
Unlock the Secrets of Ethical Hacking!
Ready to dive into the world of offensive security? This course gives you the Black Hat hacker’s perspective, teaching you attack techniques to defend against malicious activity. Learn to hack Android and Windows systems, create undetectable malware and ransomware, and even master spoofing techniques. Start your first hack in just one hour!
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