XRP Price vs. BTC Pressure: Can It Hold Its Ground?
XRP price holds firm above $2.25 despite pressure on Bitcoin. The price is currently consolidating and is targeting a break above the $2.40 resistance.
- XRP price is showing some positive signs above the $2.25 area.
- The price is currently trading below $2.3650 and the 100 hourly simple moving average.
- There is a key bearish trend line forming with resistance at $2.380 on the hourly chart of the XRP/USD pair (Data source: Kraken).
- If the pair holds above the $2.250 support, a fresh leg higher may begin.
XRP price consolidates below $2.50
XRP price failed to extend gains above the $2.40 and $2.45 resistance levels. Prices react to declines, but losses are limited compared with last year Bitcoin and Ethereum. It fell below the $2.32 and $2.25 support levels.
The last swing low was formed at $2.202 and the price is currently consolidating. The price rose above $2.25. Price cleared the 50% Fib retracement level of the downward move from the $2.47 swing high to $2.202 low.
The price is currently trading below $2.3650 and the 100 hourly simple moving average. On the upside, the price may face resistance near $2.380. There is also a key bearish trend line forming with resistance at $2.380 on the hourly chart of the XRP/USD pair.
The first major resistance level is near $2.40, the 76.4% Fibonacci retracement level of the downward move from the $2.47 swing high to $2.202 low.
The next level of resistance is $2.45. A clear break above the $2.45 resistance could push the price toward the $2.50 resistance. Any further gains may push the price towards the $2.650 resistance or even $2.6650 in the short term. The next major obstacle for the bulls is likely to be $2.720.
More losses?
If XRP fails to break above the $2.400 resistance zone, it may start another decline. Initial support on the downside is near $2.320. The next major support is near $2.250.
If there is a downside breakout and a close below the $2.250 level, the price could continue its decline towards the $2.20 support. The next major support is near the $2.120 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 – $2.32 and $2.250.
The main resistance levels – $2.380 and $2.400.
