XRP Price Softens — Momentum Weakness Could Limit | Crypto News
XRP price began a recent increase above $2.550. The price is now going through hurdles above $2.650 and at risk of another decline in the close to time period.
- XRP price gained tempo for a transfer above $2.60 and $2.620 before the bears appeared.
- The price is now trading below $2.60 and the 100-hourly Simple Moving Average.
- There was a break below a bullish pattern line with help at $2.6350 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair may start a recent increase if it stays above $2.50.
XRP Price Retreats Lower
XRP price began a recent increase after it settled above $2.50, like Bitcoin and Ethereum. The price surpassed the $2.550 and $2.60 resistance ranges.
The bulls had been ready to push the price above $2.650. A high was shaped at $2.6972 and the price lately began a draw back correction. There was a transfer below the 23.6% Fib retracement degree of the latest transfer from the $2.327 swing low to the $2.6972 high.
Besides, there was a break below a bullish pattern line with help at $2.6350 on the hourly chart of the XRP/USD pair. The price is now trading below $2.60 and the 100-hourly Simple Moving Average.
If there’s a recent upward transfer, the price may face resistance close to the $2.620 degree. The first major resistance is close to the $2.650 degree, above which the price may rise and check $2.6880. A clear transfer above the $2.6880 resistance may ship the price toward the $2.720 resistance. Any more features may ship the price toward the $2.7650 resistance. The next major hurdle for the bulls could be close to $2.80.
More Losses?
If XRP fails to clear the $2.650 resistance zone, it may start a recent decline. Initial help on the draw back is close to the $2.5650 degree. The next major help is close to the $2.550 degree.
If there’s a draw back break and a close below the $2.550 degree, the price may continue to decline toward $2.5120 or the 50% Fib retracement degree of the latest transfer from the $2.327 swing low to the $2.6972 high. The next major help sits close to the $2.450 zone, below which the price may continue decrease toward $2.40.
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 degree.
Major Support Levels – $2.550 and $2.5120.
Major Resistance Levels – $2.650 and $2.6880.
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