XRP Price Climbs Back: Is This The Start of a Bigger Move?
XRP price found support near the $1.90 area. The price is recovering losses and bulls may soon be targeting a break above the $2.35 resistance zone.
- XRP price started a new decline in the sub-$2.25 area.
- The price is currently below $2.320 and the 100 hourly simple moving average.
- There is a break above the connecting bearish trend line with resistance at $2.22 on the hourly chart of the XRP/USD pair (data source: Kraken).
- If the $2.36 resistance is exceeded, the pair may start to rise again.
XRP price ushered in a new round of surge
XRP price extends decline, falling below $2.30 level Bitcoin and Ethereum. The price fell below the $2.20 and $2.050 levels.
The price even fell below the $2.00 support. A low was formed at $1.898 and the price is currently correcting some losses. The price rose above $2.20. The price climbed above the 50% Fib retracement level of the downward move from the swing high of $2.64 to low of $1.898.
Additionally, there was a break above the connecting bearish trend line with resistance at $2.22 on the hourly chart of the XRP/USD pair. The pair even surged above the 61.8% Fib retracement level of the swing high of $2.64 to low of $1.898.
However, bears are active below $2.40. The price is currently below $2.320 and the 100 hourly simple moving average. On the bright side, the price may face resistance near $2.36. The first major resistance level is near $2.40.
The next resistance level is $2.475. A clear break above the $2.4750 resistance may push the price towards the $2.550 resistance. If there is further upside, the price may move towards the $2.650 resistance or even $2.720 in the short term. The next major obstacle for the bulls is likely to be $2.880.
Another recession?
If XRP fails to break above the $2.360 resistance zone, it may start another decline. Initial support on the downside is near $2.150. The next major support is near $2.050.
If there is a downside breakout and a close below the $2.050 level, the price may continue its decline towards the $1.880 support. The next major support is near the $1.750 area.
Technical indicators
Hourly MACD – The MACD for XRP/USD is now losing speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently above the 50 level.
Major support levels – $2.1500 and $2.0500.
The main resistance levels – $2.3500 and $2.4750.
