XRP price attempted an upside break above the $2.350 resistance zone. The price is struggling and slowly moving lower toward the $2.20 support.
XRP price is attempting a fresh increase above the $2.250 resistance zone.
The price is now trading above $2.25 and the 100-hourly Simple Moving Average.
There is a key declining channel forming with resistance at $2.288 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair might start a decent increase if it clears the $2.30 resistance.
XRP price started a fresh increase above the $2.20 support level, like Bitcoin and Ethereum. There was a decent increase above the $2.25 and $2.30 levels.
The price even tested the $2.35 level before the bears appeared. A high was formed at $2.348 and the price is now correcting gains. There was a move below the $2.30 level. The price dipped below the 23.6% Fib retracement level of the upward move from the $2.130 swing low to the $2.348 high.
The price is now trading above $2.25 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $2.288 level. There is also a key declining channel forming with resistance at $2.288 on the hourly chart of the XRP/USD pair.
The first major resistance is near the $2.30 level. The next resistance is $2.35. A clear move above the $2.35 resistance might send the price toward the $2.50 resistance.
Any more gains might send the price toward the $2.550 resistance or even $2.650 in the near term. The next major hurdle for the bulls might be $2.720.
If XRP fails to clear the $2.30 resistance zone, it could start another decline. Initial support on the downside is near the $2.24 level. The next major support is near the $2.210 level or the 61.8% Fib retracement level of the upward move from the $2.130 swing low to the $2.348 high.
If there is a downside break and a close below the $2.210 level, the price might continue to decline toward the $2.150 support. The next major support sits near the $2.050 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 – $2.240 and $2.210.
Major Resistance Levels – $2.300 and $2.350.
—
Blog powered by G6
Disclaimer! A guest author has made this post. G6 has not checked the post. its content and attachments and under no circumstances will G6 be held responsible or liable in any way for any claims, damages, losses, expenses, costs or liabilities whatsoever (including, without limitation, any direct or indirect damages for loss of profits, business interruption or loss of information) resulting or arising directly or indirectly from your use of or inability to use this website or any websites linked to it, or from your reliance on the information and material on this website, even if the G6 has been advised of the possibility of such damages in advance.
For any inquiries, please contact [email protected]
