Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
XRP price is consolidating gains above the $2.60 zone. The price must clear the $2.720 resistance to start a fresh increase in the near term.
- XRP price started a decent upward move above the $2.60 zone.
- The price is now trading below $2.70 and the 100-hourly Simple Moving Average.
- There was a break below a key bullish trend line with support at $2.6880 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might start a fresh increase if it clears the $2.720 resistance zone.
XRP Price Trim Gains
XRP price managed to stay above the $2.50 support and remained in a positive zone, unlike Bitcoin and Ethereum. A base was formed, and the price started a decent upward move above the $2.60 and $2.70 levels.
The price even climbed above the $2.80 level before the bears appeared. A high was formed at $2.8322 and the price is now correcting gains. There was a minor move below $2.72. The price dipped below the 23.6% Fib retracement level of the upward wave from the $2.330 swing low to the $2.830 swing high.
There was also a break below a key bullish trend line with support at $2.6880 on the hourly chart of the XRP/USD pair. The price is now trading below $2.70 and the 100-hourly Simple Moving Average.
On the upside, the price might face resistance near the $2.700 level. The first major resistance is near the $2.720 level. The next resistance is $2.80. A clear move above the $2.80 resistance might send the price toward the $2.840 resistance.
Any more gains might send the price toward the $2.920 resistance or even $3.00 in the near term. The next major hurdle for the bulls might be $3.050.
More Losses?
If XRP fails to clear the $2.720 resistance zone, it could start another decline. Initial support on the downside is near the $2.60 level or the 50% Fib retracement level of the upward wave from the $2.330 swing low to the $2.830 swing high. The next major support is near the $2.5820 level.
If there is a downside break and a close below the $2.5820 level, the price might continue to decline toward the $2.550 support. The next major support sits near the $2.50 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 – $2.60 and $2.5820.
Major Resistance Levels – $2.720 and $2.800.
