XRP price started a steady increase above $2.150. The price is currently correcting and may struggle to maintain its upward momentum.
XRP price started a downside correction and tested the $2.080 zone.
The price is currently above $2.050 and the 100-hour Simple Moving Average.
An ascending trend line is forming with support at $2.070 on the hourly chart of XRP/USD (data source: Kraken).
The pair could start a fresh increase if it clears the $2.120 resistance.
XRP Price Faces Another Decline
Similar to Bitcoin and Ethereum, XRP price started a downside correction from the $2.180 zone. The price dipped below the $2.150 and $2.120 levels to enter a consolidation phase.
The price even spiked below the 50% Fib retracement level of the upward move from the $2.042 swing low to $2.1778 high. However, the bulls were active above the $2.080 support. Moreover, an ascending trend line is forming with support near $2.070 on the hourly chart of the XRP/USD pair.
The price is now above $2.050 and the 100-hour Simple Moving Average. If there is a fresh increase, the price might face resistance near $2.120.
The first major resistance is near the $2.150 level. A clear move above the $2.150 resistance might send the price toward the $2.180 resistance. If the price settles above the $2.180 resistance level, it could attempt a move 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 another decline. Initial support on the downside is near the $2.070 level, which is the 76.4% Fib retracement level of the upward move from the $2.042 swing low to $2.1778 high and the trend line. The next major support is at $2.050.
A downside break below the $2.050 support might send the price further lower toward $2.00. The next major support is near $1.9850, below which the price could drop 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.
