XRP price remains stable above the $2.10 area. The price is moving higher and may aim for a new rise above the $2.30 resistance area.
- XRP price is trying a new high above the $2.20 resistance area.
- The price is now trading near $2.25 and the 100-hour Simple Moving Average.
- There was a break above the bearish connecting line against $2.185 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could start a nice uptrend if it clears the $2.30 resistance.
XRP Price Eyes A Return
The price of XRP started a new rise from the support level of $2.12, unlike Bitcoin and Ethereum. There was a decent rally above the $2.15 and $2.20 levels.
The price crossed the 23.6% Fib retracement level to the downside from the swing high of $2.383 to the low of $2.130. There is also a break above the bearish line connecting with resistance at $2.185 on the hourly chart of the XRP/USD pair.
However, the bears were working near the levels of $2.25 and $2.26. The price is now trading near $2.25 and the 100-hour Simple Moving Average. On the other hand, the price may face resistance near the $2.265 level. The first major resistance is near the $2.28 level. It is near the 61.8% Fib retracement level of the low move from the $2.383 swing high to the $2.130 low.
The next resistance is $2.30. A clear move above the $2.30 resistance could send the price to the $2.420 resistance. Any further gains could send the price to resistance at $2.50 or even $2.550 in the near term. The next major hurdle for the bulls would be $2.680.
Another Rejection?
If XRP fails to clear the $2.30 resistance area, it could start another decline. The first support on the downside is near the $2.188 level. The next major support is near the $2.120 level.
If there is a lower break and close below the $2.120 level, the price may continue to decline towards the $2.050 support. The next major support sits near the $2.00 area.
Technical References
Hourly MACD – The MACD of XRP/USD is now losing momentum in bearish territory.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $2.180 and $2.120.
Major Resistance Levels – $2.28 and $2.30.
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