XRP Price Analysis

XRP price started a fresh recovery wave from the $1.90 zone. The price is now showing positive signs and might clear the $2.250 resistance zone.

• XRP price started a fresh decline from the $2.200 resistance zone.
• The price is now trading below $2.1850 and the 100-hourly Simple Moving Average.
• A short-term rising channel is forming with resistance at $2.250 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair might continue to move up if it clears the $2.250 resistance zone.

XRP Price Dips Further

XRP price began to decline after failing to clear the $2.20 zone, similar to Bitcoin and Ethereum. It fell below support levels of $2.120 and $2.050.

Bears pushed the price under $2.00, forming a low at $1.90 from which it started a recovery. The price moved above the $1.980 and $2.00 levels, surpassing the 50% Fibonacci retracement level from the $2.365 swing high to the $1.90 low.

Currently, the price is trading below $2.1850 and the 100-hourly Simple Moving Average. Resistance near the $2.250 level may hinder further progress, particularly as a short-term rising channel indicates this resistance.

The 76.4% Fibonacci retracement level is also close to $2.250. Major resistances are near $2.350 and $2.420. A move above $2.420 could push the price toward $2.450, with potential highs toward $2.50 or even $2.550 shortly. The next significant hurdle appears at $2.650.

Another Decline?

If XRP does not clear the $2.250 resistance zone, another decline could occur. Initial support is near $2.150, followed by major support at $2.120.

A break and close below $2.120 might draw the price down towards $2.050, with subsequent support near the $2.00 zone.

Technical Indicators

• Hourly MACD: The MACD for XRP/USD is losing pace in a bearish zone.
• Hourly RSI (Relative Strength Index): The RSI for XRP/USD is now above the 50 level.

Major Support Levels

• $2.120
• $2.050

Major Resistance Levels

• $2.250
• $2.350