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.