XRP Price Attempts Recovery – Can Market Push Higher Despite Strong Barriers?
BY
Ben Graham
|
By using this site, you agree to our Terms of Use of Use and Privacy Policy
XRP price is attempting a recovery wave above the $2.820 zone. The price now faces a couple of key hurdles near $2.880 and $2.920.
XRP Price Dips Eyes Upside Break
XRP price found support near $2.70 and recently started a recovery wave, like Bitcoin and Ethereum. The price was able to surpass the $2.780 and $2.80 resistance levels.
There was a clear move above the 50% Fib retracement level of the downward wave from the $2.995 swing high to the $2.70 low. However, the price is now facing hurdles near $2.88. Besides, there is a connecting bullish trend line forming with support at $2.80 on the hourly chart of the XRP/USD pair.
The price is now trading above $2.820 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $2.88 level or the 61.8% Fib retracement level of the downward wave from the $2.995 swing high to the $2.70 low.
The first major resistance is near the $2.920 level. A clear move above the $2.920 resistance might send the price toward the $2.9880 resistance. Any more gains might send the price toward the $3.020 resistance. The next major hurdle for the bulls might be near $3.050.
Another Decline?
If XRP fails to clear the $2.880 resistance zone, it could start a fresh decline. Initial support on the downside is near the $2.820 level. The next major support is near the $2.80 level and the trend line.
If there is a downside break and a close below the $2.80 level, the price might continue to decline toward $2.720. The next major support sits near the $2.70 zone, below which the price could gain bearish momentum.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $2.80 and $2.720.
Major Resistance Levels – $2.880 and $2.920.