XRP Price Recovery Stalls – Traders Watching If | Crypto News
XRP price tried a recovery wave above the $2.850 zone. The price is now struggling to clear $3.00 and may decline again below the $2.80 zone.
- XRP price is shifting decrease below the $2.920 help zone.
- The price is now trading close to $2.90 and the 100-hourly Simple Moving Average.
- There is a connecting bullish pattern line forming with help at $2.850 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair may continue to transfer down if it dips below $2.850.
XRP Price Faces Hurdles
XRP price discovered help close to $2.680 and just lately began a recovery wave, beating Bitcoin and Ethereum. The price was in a position to surpass the $2.80 and $2.85 resistance ranges.
The bulls pushed the price above the 50% Fib retracement stage of the main decline from the $3.138 swing high to the $2.678 low. However, the bears are energetic close to the $3.00 resistance. The price confronted rejection close to $3.00 and reacted to the draw back.
The price is now trading close to $2.90 and the 100-hourly Simple Moving Average. Besides, there may be a connecting bullish pattern line forming with help at $2.850 on the hourly chart of the XRP/USD pair.
On the upside, the price may face resistance close to the $2.95 stage. The first major resistance is close to the $2.9620 stage and the 61.8% Fib retracement stage of the main decline from the $3.138 swing high to the $2.678 low. A clear transfer above the $2.9620 resistance may ship the price toward the $3.00 resistance. Any more good points may ship the price toward the $3.050 resistance. The next major hurdle for the bulls is likely to be close to $3.120.
Another Decline?
If XRP fails to clear the $2.9620 resistance zone, it may continue to transfer down. Initial help on the draw back is close to the $2.880 stage. The next major help is close to the $2.850 stage and the pattern line.
If there may be a draw back break and a close below the $2.850 stage, the price may continue to decline toward $2.780. The next major help sits close to the $2.70 zone, below which the price may gain bearish momentum.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining tempo in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 stage.
Major Support Levels – $2.880 and $2.850.
Major Resistance Levels – $2.9620 and $3.00.
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