XRP Price Fails to Hold Above $2.20 — Is Support Building on Pullbacks?
XRP price started a fresh increase from the $2.050 zone. The price is back above $2.10 and might struggle to continue higher above the $2.20 zone.
- XRP price started a fresh increase above the $2.120 zone.
- The price is now trading above $2.150 and the 100-hourly Simple Moving Average.
- There is a bullish trend line forming with support at $2.080 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could continue to move up if it closes above the $2.20 resistance zone.
XRP Price Faces Hurdles
XRP price remained supported above the $2.00 zone and started a fresh increase, like Bitcoin and Ethereum. The price recovered above the $2.020 and $2.080 resistance levels.
The pair even cleared the $2.150 resistance and spiked above the $2.20 barrier. However, the bears were active above the $2.20 zone. A high was formed at $2.215 and the price is now correcting some gains. There was a move below the $2.00 level, but the price is still above the 23.6% Fib retracement level of the upward move from the $1.910 swing low to the $2.2150 high.
The price is now trading above $2.150 and the 100-hourly Simple Moving Average. Besides, there is a bullish trend line forming with support at $2.080 on the hourly chart of the XRP/USD pair.
On the upside, the price might face resistance near the $2.20 level. The first major resistance is near the $2.220 level. The next resistance is $2.250. A clear move above the $2.250 resistance might send the price toward the $2.320 resistance.
Any more gains might send the price toward the $2.350 resistance or even $2.420 in the near term. The next major hurdle for the bulls might be $2.50.
Another Drop?
If XRP fails to clear the $2.20 resistance zone, it could start another decline. Initial support on the downside is near the $2.150 level. The next major support is near the $2.080 level.
If there is a downside break and a close below the $2.080 level, the price might continue to decline toward the $2.020 support or the 61.8% Fib retracement level of the upward move from the $1.910 swing low to the $2.2150 high. The next major support sits near the $1.950 zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $2.150 and $2.080.
Major Resistance Levels – $2.20 and $2.250.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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