XRP Moves Higher – Approaching Resistance That Could Decide Next Trend

[Redator]

XRP price is attempting a recovery wave above the $2.850 zone. The price now faces a couple of key hurdles near $2.920 and $2.950.

• XRP price is slowly moving higher above the $2.850 support zone.
• The price is now trading above $2.850 and the 100-hourly Simple Moving Average.
• There is a connecting bullish trend line forming with support at $2.8320 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair could continue to move up if it settles above $2.920.

XRP Price Faces Resistance

XRP price started a recovery wave after it found support above $2.720 and $2.770, like Bitcoin and Ethereum. The price was able to surpass the $2.80 and $2.850 resistance levels.

There was a clear move above the 61.8% Fib retracement level of the downward wave from the $2.995 swing high to the $2.70 low. The bulls even pushed the price toward $2.920 before they faced resistance. Besides, there is a connecting bullish trend line forming with support at $2.8320 on the hourly chart of the XRP/USD pair.

The price is now trading above $2.850 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $2.925 level or the 76.4% 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 $2.950 level. A clear move above the $2.950 resistance might send the price toward the $3.00 resistance. Any more gains might send the price toward the $3.050 resistance. The next major hurdle for the bulls might be near $3.120.

Another Decline?

If XRP fails to clear the $2.920 resistance zone, it could start a fresh decline. Initial support on the downside is near the $2.850 level. The next major support is near the $2.8320 level and the trend line.

If there is a downside break and a close below the $2.8320 level, the price might continue to decline toward $2.770. The next major support sits near the $2.720 zone, below which the price could continue lower toward $2.650.

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 – $2.8320 and $2.770.

Major Resistance Levels – $2.920 and $2.950.