XRP Price Recovery Fails – Is It Doomed for Another Collapse?

[Redator]

XRP price is attempting to recover above the $2.80 zone. The price is now facing hurdles near $2.88 and might start another decline below $2.80.

• XRP price is attempting to recover above the $2.80 resistance.
• The price is now trading above $2.80 and the 100-hourly Simple Moving Average.
• There was a break below a short-term rising channel with support at $2.850 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair could continue to rise if it stays above the $2.8120 zone.

XRP Price Faces Resistance

XRP price managed to stay above the $2.720 level and started a recovery wave, like Bitcoin and Ethereum. The price climbed above the $2.75 and $2.80 resistance levels.

There was a move above the 50% Fib retracement level of the downward move from the $3.040 swing high to the $2.70 low. However, the price seems to be struggling to stay above the $2.880 resistance zone. Recently, there was a break below a short-term rising channel with support at $2.850 on the hourly chart of the XRP/USD pair.

The price is now trading above $2.80 and the 100-hourly Simple Moving Average. If the bulls protect the $2.8120 support, the price could attempt another increase. On the upside, the price might face resistance near the $2.880 level.

The first major resistance is near the $2.9160 level or the 61.8% Fib retracement level of the downward move from the $3.040 swing high to the $2.70 low. A clear move above the $2.9160 resistance might send the price toward the $2.960 resistance. Any more gains might send the price toward the $3.00 resistance. The next major hurdle for the bulls might be near $3.050.

Another Drop?

If XRP fails to clear the $2.880 resistance zone, it could continue to move down. Initial support on the downside is near the $2.8120 level. The next major support is near the $2.80 level.

If there is a downside break and a close below the $2.80 level, the price might continue to decline toward $2.740. 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 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 – $2.8120 and $2.80.

Major Resistance Levels – $2.880 and $2.9160.