XRP Price Pushes for Gains, Resistance Keeps the Market Guessing

[Ben Graham]

XRP price extended losses and traded below $2.120. The price is now attempting to start a fresh increase and faces hurdles near the $2.20 level.

• XRP price started a fresh decline below the $2.20 zone.
• The price is now trading below $2.20 and the 100-hourly Simple Moving Average.
• There was a break above a connecting bearish trend line with resistance at $2.10 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair could continue to move down if it stays below $2.20.

XRP Price Attempts Recovery

XRP price failed to stay above $2.25 and started a fresh decline, like Bitcoin and Ethereum. The price declined below $2.20 and $2.150 to enter a short-term bearish zone.

The price even spiked below $2.10. A low was formed at $2.063, and the price is now attempting to recover. There was a move above $2.120. Besides, there was a break above a connecting bearish trend line with resistance at $2.10 on the hourly chart of the XRP/USD pair.

It tested the 23.6% Fib retracement level of the downward move from the $2.416 swing high to the $2.063 low. The price is now trading below $2.20 and the 100-hourly Simple Moving Average.

If there is a fresh upward move, the price might face resistance near the $2.1680 level. The first major resistance is near the $2.20 level. A close above $2.20 could send the price to $2.240 or the 50% Fib retracement level of the downward move from the $2.416 swing high to the $2.063 low.

The next hurdle sits at $2.280. A clear move above the $2.280 resistance might send the price toward the $2.320 resistance. Any more gains might send the price toward the $2.350 resistance. The next major hurdle for the bulls might be near $2.40.

Another Decline?

If XRP fails to clear the $2.20 resistance zone, it could start a fresh decline. Initial support on the downside is near the $2.080 level. The next major support is near the $2.050 level.

If there is a downside break and a close below the $2.050 level, the price might continue to decline toward $2.00. The next major support sits near the $1.9650 zone, below which the price could continue lower toward $1.880.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.

Major Support Levels – $2.080 and $2.050.

Major Resistance Levels – $2.1680 and $2.240.