XRP Price Analysis

Recovery Wave

XRP price started a fresh recovery wave from the $2.20 zone. The price is now consolidating and might struggle to clear the $2.50 resistance zone.

• XRP price started a decent upward move from the $2.20 support zone.
• The price is now trading below $2.50 and the 100-hourly Simple Moving Average.
• There was a break below a connecting bullish trend line with support at $2.550 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair might continue to move up if it clears the $2.5350 resistance zone.

XRP Price Faces Hurdles

XRP price started a recovery wave from the $2.20 zone, similar to Bitcoin and Ethereum. The price was able to climb above the $2.40 and $2.50 resistance levels. However, bearish pressure was evident near $2.640.

The price corrected some gains and dipped below $2.550, breaking below a bullish trend line with support at $2.550. It also fell below the 50% Fibonacci retracement level of the upward move from the $2.211 swing low to the $2.6390 high.

Currently, the price is trading below $2.550 and the 100-hourly Simple Moving Average. On the upside, it may face resistance near the $2.50 level. The first major resistance is at $2.5350.

The next resistance level is $2.640. A clear breakthrough above $2.640 could propel the price toward $2.720. Further gains might reach $2.80 or even $2.850 in the near term, with $3.00 representing the next major hurdle for bulls.

Another Decline?

If XRP fails to overcome the $2.5350 resistance zone, it could initiate another decline. Initial support on the downside is near the $2.4250 level, with the next significant support at $2.3750, aligning with the 61.8% Fibonacci retracement level of the upward move from the $2.211 swing low to the $2.6390 high.

A downside break and close below $2.3750 may result in further decline towards the $2.320 support, with major support located near the $2.20 zone.

Technical Indicators

• Hourly MACD: The MACD for XRP/USD is losing momentum in the bullish zone.
• Hourly RSI (Relative Strength Index): The RSI for XRP/USD is now below the 50 level.

Major Support Levels: $2.4250 and $2.3750.

Major Resistance Levels: $2.5350 and $2.640.