XRP Price Rebounds From Lows as Bulls Push | Crypto News
XRP price began a recovery wave from $1.9840. The price is now rising above $2.120 and would possibly face hurdles close to the $2.250 pivot degree.
- XRP price began a recovery wave from the $1.9840 zone.
- The price is now trading above $2.120 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish development line with resistance at $2.150 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair may continue to transfer up if it settles above $2.250.
XRP Price Recovers Over 5%
XRP price prolonged losses below the $2.050 help, like Bitcoin and Ethereum. The price even spiked below $2.00 before the bulls appeared. A low was shaped at $1.9844, and the price is now making an attempt to recuperate.
There was a transfer above the $2.050 and $2.120 ranges. The bulls have been ready to push the price above the 50% Fib retracement degree of the downward transfer from the $2.2750 swing high to the $1.9844 low. Besides, there was a break above a key bearish development line with resistance at $2.150 on the hourly chart of the XRP/USD pair.
The price is now trading above $2.150 and the 100-hourly Simple Moving Average. If there’s a contemporary upward transfer, the price would possibly face resistance close to the $2.20 degree or the 76.4% Fib retracement degree of the downward transfer from the $2.2750 swing high to the $1.9844 low.
The first major resistance is close to the $2.250 degree. A close above $2.250 may ship the price to $2.320. The next hurdle sits at $2.350. A clear transfer above the $2.350 resistance would possibly ship the price toward the $2.40 resistance. Any more features would possibly ship the price toward the $2.450 resistance. The next major hurdle for the bulls may be close to $2.50.
Another Decline?
If XRP fails to clear the $2.250 resistance zone, it may start a contemporary decline. Initial help on the draw back is close to the $2.120 degree. The next major help is close to the $2.10 degree.
If there’s a draw back break and a close below the $2.10 degree, the price would possibly continue to decline toward $2.050. The next major help sits close to the $2.00 zone, below which the price may continue decrease toward $1.920.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining tempo in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 degree.
Major Support Levels – $2.120 and $2.10.
Major Resistance Levels – $2.20 and $2.250.
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