XRP price started a decent increase above $2.150. The price is now correcting gains and might struggle to stay in a positive zone.
- XRP price started a downside correction and tested the $2.080 zone.
- The price is now trading above $2.050 and the 100-hourly Simple Moving Average.
- There is a bullish trend line forming with support at $2.070 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could start another increase if it clears $2.120.
XRP Price Dips Again
XRP price started a downside correction from the $2.180 zone, like Bitcoin and Ethereum. The price dipped below the $2.150 and $2.120 levels to enter a consolidation phase.
The price even dipped below the 50% Fib retracement level of the upward move from the $2.042 swing low to the $2.1778 high. However, the bulls remained active above the $2.080 support. There is also a bullish trend line forming with support at $2.070 on the hourly chart of the XRP/USD pair.
The price is now trading above $2.050 and the 100-hourly Simple Moving Average. If there is a fresh upward move, the price might face resistance near the $2.120 level.
The first major resistance is near the $2.150 level, above which the price could rise and test $2.180. A clear move above the $2.180 resistance might send the price toward the $2.2250 resistance. Any more gains might send the price toward the $2.250 resistance. The next major hurdle for the bulls might be near $2.2880.
More Losses?
If XRP fails to clear the $2.120 resistance zone, it could start a fresh decline. Initial support on the downside is near the $2.070 level, the 76.4% Fib retracement level of the upward move from the $2.042 swing low to the $2.1778 high, and the trend line. The next major support is near the $2.050 level.
If there is a downside break and a close below the $2.050 level, the price might continue to decline toward $2.00. The next major support sits near the $1.9850 zone, below which the price could continue lower toward $1.920.
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 – $2.070 and $2.050.
Major Resistance Levels – $2.120 and $2.180.
