XRP Price Steadies Above Support: Preparing for the Next Move?
XRP price remains within a range below $2.50. The price is consolidating above $2.150 and may rise again above $2.40.
- XRP price has fallen again, trading below $2.40.
- The price is currently below $2.40 and the 100 hourly simple moving average.
- There is a key bearish trend line forming with resistance at $2.38 on the hourly chart of the XRP/USD pair (Data source: Kraken).
- If the $2.40 resistance is exceeded, the pair may start rising again.
XRP Price Consolidates Above Support
XRP price started falling again after failing to break above the $2.50 resistance zone, which coincides with Bitcoin and Ethereum. The price fell below the $2.40 and $2.30 levels.
However, bulls remain active above the last low and support at $2.15. The price is currently moving higher and is trading above $2.20. It is testing the 23.6% Fib retracement level of the recent swing high of $2.866 to low of $2.166.
The price is currently below $2.40 and the 100 hourly simple moving average. On the bright side, the price may face resistance near $2.35. There is also a key bearish trend line forming with resistance at $2.38 on the hourly chart of the XRP/USD pair.
The first major resistance level is near $2.40. The next level of resistance is $2.50. It is close to the 50% Fib retracement level of the recent swing high of $2.866 to low of $2.166.
A clear break above the $2.50 resistance could push the price towards the $2.650 resistance. If there is further upside, the price may move towards the $2.70 resistance or even $2.850 in the short term. The next major obstacle for the bulls is likely to be $3.00.
Another recession?
If XRP fails to break above the $2.380 resistance zone, it may start another decline. Initial support on the downside is near $2.200. The next major support is near $2.150.
If there is a downside breakout and a close below the $2.150 level, the price may continue its decline towards the $2.050 support and trendline. The next major support is near the $2.00 area.
Technical indicators
Hourly MACD – The MACD for XRP/USD is now losing speed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently below the 50 level.
Major support levels – $2.2000 and $2.1500.
The main resistance levels – $2.3800 and $2.5000.
