XRP Price Prepares for Possible Bounce — Support | Crypto News
XRP price began a first rate upward transfer from the $2.20 zone. The price is now correcting some features and may discover bids close to the $2.220 zone.
- XRP price began a recent increase above the $2.220 zone.
- The price is now trading above $2.220 and the 100-hourly Simple Moving Average.
- There is a key bullish pattern line forming with help at $2.2250 on the hourly chart of the XRP/USD pair (information source from Kraken).
- The pair may begin one other decline if it fails to keep above the $2.220 zone.
XRP Price Faces Resistance
XRP price began a recent increase after it settled above the $2.20 stage, like Bitcoin and Ethereum. The price was ready to climb above the $2.220 resistance stage.
The bulls have been ready to push the price above the $2.250 stage. However, the bears have been lively close to the $2.320 stage. A high was fashioned at $2.310 and the price is now correcting some features. There was a transfer below the 23.6% Fib retracement stage of the upward transfer from the $2.148 swing low to the $2.310 high.
The price is now trading above $2.220 and the 100-hourly Simple Moving Average. Besides, there’s a key bullish pattern line forming with help at $2.2250 on the hourly chart of the XRP/USD pair.
On the upside, the price may face resistance close to the $2.2720 stage. The first main resistance is close to the $2.30 stage. The next resistance is $2.320. A transparent transfer above the $2.320 resistance may ship the price toward the $2.350 resistance. Any more features may ship the price toward the $2.40 resistance or even $2.420 in the close to time period. The next main hurdle for the bulls is perhaps $2.50.
More Losses?
If XRP fails to clear the $2.30 resistance zone, it may begin one other decline. Initial help on the draw back is close to the $2.2250 stage and the pattern line. The next main help is close to the $2.20 stage or the 61.8% Fib retracement stage of the upward transfer from the $2.148 swing low to the $2.310 high.
If there’s a draw back break and a close below the $2.20 stage, the price may proceed to decline toward the $2.150 help. The next main help sits close to the $2.120 zone.
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 – $2.2250 and $2.20.
Major Resistance Levels – $2.30 and $2.320.
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