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.
