XRP price has started to rise steadily above $2.150. The current price is correcting and may struggle to maintain upward momentum.
XRP price is starting a downward correction, testing the $2.080 area.
The current price is above $2.050 and the 100-hour simple moving average.
An ascending trend line is forming on the hourly chart for XRP/USD, with support at $2.070 (data source: Kraken).
If it breaks above $2.120, the currency pair could start a new round of gains.
XRP price has fallen again.
Similar to Bitcoin and Ethereum, XRP price started to correct from the $2.180 area. The price entered a consolidation phase after breaking below the $2.150 and $2.120 levels.
The price even fell below the 50% Fibonacci retracement level of the rally from the low of $2.042 to the high of $2.1778. However, bulls remain active above the $2.080 support level. Additionally, an ascending trend line with support at $2.070 is forming on the hourly chart for XRP/USD.
The current price is above $2.050 and the 100-hour simple moving average. If the price continues to rise, it may encounter resistance around $2.120.
The first major resistance level is around $2.150, and after breaking this resistance level, the price may rise and test $2.180. If the price effectively breaks above the $2.180 resistance level, it may move towards the $2.2250 resistance level. Any further rise could lead the price to probe further down to the $2.250 resistance level. The next major hurdle for bulls could be around $2.2880.
More losses?
If XRP fails to break above the $2.120 resistance level, it could open the door for a new round of declines. The initial support level on the downside is around $2.070, which is the 76.4% Fibonacci retracement level of the rally from the low of $2.042 to the high of $2.1778, and it is also where the trend line is located. The next major support level is around $2.050.
If the price falls below the $2.050 mark and closes beneath it, it could continue to decline to $2.00. The next major support level is around $1.9850, and if this support level is broken, the price may continue to drop to $1.920.
Technical indicators
Hourly MACD indicator – The MACD for XRP/USD is currently accelerating lower in bearish territory.
Relative Strength Index (RSI) – The RSI for XRP/USD is currently below the 50 level.
Major support levels – $2.070 and $2.050.
Major resistance levels – $2.120 and $2.180.
