XRP Price Prepares for Possible Bounce — Support Levels In Focus
XRP price started a decent upward move from the $2.20 zone. The price is now correcting some gains and might find bids near the $2.220 zone.
- XRP price started a fresh increase above the $2.220 zone.
- The price is now trading above $2.220 and the 100-hourly Simple Moving Average.
- There is a key bullish trend line forming with support at $2.2250 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could start another decline if it fails to stay above the $2.220 zone.
XRP Price Faces Resistance
XRP price started a fresh increase after it settled above the $2.20 level, like Bitcoin and Ethereum. The price was able to climb above the $2.220 resistance level.
The bulls were able to push the price above the $2.250 level. However, the bears were active near the $2.320 level. A high was formed at $2.310 and the price is now correcting some gains. There was a move below the 23.6% Fib retracement level of the upward move from the $2.148 swing low to the $2.310 high.
The price is now trading above $2.220 and the 100-hourly Simple Moving Average. Besides, there is a key bullish trend line forming with support at $2.2250 on the hourly chart of the XRP/USD pair.
On the upside, the price might face resistance near the $2.2720 level. The first major resistance is near the $2.30 level. The next resistance is $2.320. A clear move above the $2.320 resistance might send the price toward the $2.350 resistance. Any more gains might send the price toward the $2.40 resistance or even $2.420 in the near term. The next major hurdle for the bulls might be $2.50.
More Losses?
If XRP fails to clear the $2.30 resistance zone, it could start another decline. Initial support on the downside is near the $2.2250 level and the trend line. The next major support is near the $2.20 level or the 61.8% Fib retracement level of the upward move from the $2.148 swing low to the $2.310 high.
If there is a downside break and a close below the $2.20 level, the price might continue to decline toward the $2.150 support. The next major support sits near the $2.120 zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major Support Levels – $2.2250 and $2.20.
Major Resistance Levels – $2.30 and $2.320.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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