XRP Price Hesitates at Resistance—Are Bulls | Crypto News
XRP price began a recovery wave above $2.080. The price is now consolidating and may wrestle to clear the $2.10 resistance.
- XRP price began a recovery wave above the $2.060 zone.
- The price is now trading above $2.050 and the 100-hourly Simple Moving Average.
- There is a bearish development line forming with resistance at $2.0850 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might continue to transfer up if it settles above $2.10.
XRP Price Faces Rejection
XRP price remained supported above $2.020 and began a recovery wave, like Bitcoin and Ethereum. The price was in a position to climb above $2.050 and $2.060 to enter a constructive zone.
There was also a spike above the 50% Fib retracement stage of the downward transfer from the $2.2130 swing high to the $1.990 low. The bears defended a close above the $2.10 stage and the price reacted to the draw back. There is also a bearish development line forming with resistance at $2.0850 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’s a contemporary upward transfer, the price may face resistance close to the $2.10 stage and the development line. The first major resistance is close to the $2.120 stage.
A close above $2.120 might ship the price to $2.160 and the 76.4% Fib retracement stage of the downward transfer from the $2.2130 swing high to the $1.990 low. The next hurdle sits at $2.20. A clear transfer above the $2.20 resistance may ship the price toward the $2.2650 resistance. Any more positive aspects may ship the price toward the $2.280 resistance. The next major hurdle for the bulls is perhaps close to $2.350.
Another Drop?
If XRP fails to clear the $2.10 resistance zone, it might start a contemporary decline. Initial assist on the draw back is close to the $2.050 stage. The next major assist is close to the $2.0150 stage.
If there’s a draw back break and a close below the $2.0150 stage, the price may continue to decline toward $1.950. The next major assist sits close to the $1.920 zone, below which the price might continue decrease toward $1.850.
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 – $2.050 and $2.0150.
Major Resistance Levels – $2.10 and $2.160.
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