XRP Price Recovery in Focus – Can It Overcome Selling Pressure?

[Redator]

XRP price is attempting to recover from the $2.70 zone. The price is now moving higher and might gain pace if it clears the $2.850 resistance.

• XRP price is attempting to recover above the $2.750 resistance.
• The price is now trading below $2.850 and the 100-hourly Simple Moving Average.
• There is a bearish trend line forming with resistance at $2.820 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair could continue to decline if it stays below the $2.850 zone.

XRP Price Eyes Recovery

XRP price started a fresh decline below $2.880, like Bitcoin and Ethereum. The price traded below the $2.850 and $2.820 levels to enter a bearish zone.

The bears were able to push the price below $2.80 and the 100-hourly Simple Moving Average. Finally, the price declined below $2.750 and tested $2.70. A low was formed at $2.7018, and the price is now correcting some losses. There was a move above the 23.6% Fib retracement level of the downward move from the $3.040 swing high to the $2.701 low.

The price is now trading below $2.820 and the 100-hourly Simple Moving Average. There is also a key bearish trend line forming with resistance at $2.820 on the hourly chart of the XRP/USD pair.

If the bulls protect the $2.750 support, the price could attempt another increase. On the upside, the price might face resistance near the $2.820 level. The first major resistance is near the $2.850 level. A clear move above the $2.850 resistance might send the price toward the $2.880 resistance.

Any more gains might send the price toward the $2.920 resistance or the 61.8% Fib retracement level of the downward move from the $3.040 swing high to the $2.701 low. The next major hurdle for the bulls might be near $2.960.

Another Decline?

If XRP fails to clear the $2.850 resistance zone, it could continue to move down. Initial support on the downside is near the $2.750 level. The next major support is near the $2.70 level.

If there is a downside break and a close below the $2.70 level, the price might continue to decline toward $2.650. The next major support sits near the $2.60 zone, below which the price could gain bearish momentum.

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 above the 50 level.

Major Support Levels – $2.750 and $2.70.

Major Resistance Levels – $2.750 and $2.920.