XRP Price Fails to Hold Above $2.20 — Is Support Building on Pullbacks?

[Ben Graham]

XRP price started a fresh increase from the $2.050 zone. The price is back above $2.10 and might struggle to continue higher above the $2.20 zone.

• XRP price started a fresh increase above the $2.120 zone.
• The price is now trading above $2.150 and the 100-hourly Simple Moving Average.
• There is a bullish trend line forming with support at $2.080 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair could continue to move up if it closes above the $2.20 resistance zone.

XRP Price Faces Hurdles

XRP price remained supported above the $2.00 zone and started a fresh increase, like Bitcoin and Ethereum. The price recovered above the $2.020 and $2.080 resistance levels.

The pair even cleared the $2.150 resistance and spiked above the $2.20 barrier. However, the bears were active above the $2.20 zone. A high was formed at $2.215 and the price is now correcting some gains. There was a move below the $2.00 level, but the price is still above the 23.6% Fib retracement level of the upward move from the $1.910 swing low to the $2.2150 high.

The price is now trading above $2.150 and the 100-hourly Simple Moving Average. Besides, there is a 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 $2.20 level. The first major resistance is near the $2.220 level. The next resistance is $2.250. A clear move above the $2.250 resistance might send the price toward the $2.320 resistance.

Any more gains might send the price toward the $2.350 resistance or even $2.420 in the near term. The next major hurdle for the bulls might be $2.50.

Another Drop?

If XRP fails to clear the $2.20 resistance zone, it could start another decline. Initial support on the downside is near the $2.150 level. The next major support is near the $2.080 level.

If there is a downside break and a close below the $2.080 level, the price might continue to decline toward the $2.020 support or the 61.8% Fib retracement level of the upward move from the $1.910 swing low to the $2.2150 high. The next major support sits near the $1.950 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 above the 50 level.

Major Support Levels – $2.150 and $2.080.

Major Resistance Levels – $2.20 and $2.250.