XRP Price Eyes Breakout Zone – Can Key Hurdles Unlock Bigger Rally?

[Ben Graham]

XRP price is struggling to recover above the $2.920 zone. The price is now moving higher and might gain pace if it settles above $2.90.

• XRP price is facing hurdles and struggling to recover above the $2.920 resistance.
• The price is now trading above $2.850 and the 100-hourly Simple Moving Average.
• There is a bullish trend line forming with support at $2.8650 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair could continue to rise if it stays above the $2.850 zone.

XRP Price Eyes Upside Break

XRP price managed to stay above the $2.80 level and started a recovery wave, like Bitcoin and Ethereum. The price climbed above the $2.8350 and $2.850 resistance levels.

However, the price seems to be struggling to settle above the $2.920 resistance zone. Recently, there was a fresh bearish reaction below the $2.90 level. The price dipped below the 23.6% Fib retracement level of the upward move from the $2.793 swing low to the $2.925 high.

The price is now trading above $2.850 and the 100-hourly Simple Moving Average. Besides, there is a bullish trend line forming with support at $2.8650 on the hourly chart of the XRP/USD pair.

If the bulls protect the $2.850 support, the price could attempt another increase. On the upside, the price might face resistance near the $2.90 level. The first major resistance is near the $2.920 level. A clear move above the $2.920 resistance might send the price toward the $2.980 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 Decline?

If XRP fails to clear the $2.920 resistance zone, it could continue to move down. Initial support on the downside is near the $2.8650 level and trend line. The next major support is near the $2.850 level or the 50% Fib retracement level of the upward move from the $2.793 swing low to the $2.925 high.

If there is a downside break and a close below the $2.850 level, the price might continue to decline toward $2.80. The next major support sits near the $2.720 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 – $2.850 and $2.80.

Major Resistance Levels – $2.90 and $2.920.