XRP price found support near the $1.90 zone. The price is reversing losses and the bulls may aim for a move above the $2.35 resistance zone soon.
XRP price started a new decline below the $2.25 zone. The price is currently trading below the 100-hour simple moving average at $2.320. On the hourly chart of the XRP/USD pair (data source: Kraken), the pair broke above the bearish trend line connected to the resistance at $2.22. If the pair clears the resistance at $2.36, the pair could start to move higher.
Fresh Surge is the key to XRP price
The price of XRP extended its decline to below $2.30, similar to Bitcoin and Ethereum. There was a move below the $2.20 and $2.050 levels.
The price even fell below the $2.00 support. A low was formed at $1.898 and the price is currently correcting some losses. There was a move above the $2.20 level. Price rose above the 50% Fib retracement level of the decline from the swing high of $2.64 to the low of $1.898.
Furthermore, on the hourly chart of the XRP/USD pair, the pair broke above the bearish trend line connecting with the resistance at $2.22. The pair surged above the 61.8% Fib retracement level of the decline from the swing high of $2.64 to the low of $1.898.
However, the bears are active below the $2.40 level. The price is currently trading below the 100-hour simple moving average at $2.320. On the upside, the price may face resistance near the $2.36 level. The first major resistance level is near the $2.40 level.
The next resistance level is $2.475. A clear break above the $2.4750 resistance could send the price heading towards the $2.550 resistance. Any further gains could send the price heading towards the $2.650 resistance level or even $2.720 in the near term. The next major hurdle for the bulls could be $2.880.
Will you decline again?
If XRP fails to break out of the $2.360 resistance zone, further decline could begin. Downside support lies near $2.150. The next major support is near the $2.050 level.
If there is a downside break and it closes below the $2.050 level, the price may continue to fall towards the support at $1.880. The next major support is located near the $1.750 zone.
technical indicators
Hourly MACD – The XRP/USD MACD is currently losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI of XRP/USD is currently above the 50 level.
Major support levels – $2.1500 and $2.0500.
Key resistance levels – $2.3500 and $2.4750.
