The price of XRP is holding the ground above $2.25 despite the pressure on Bitcoin. The price is now consolidating and targeting a new rise above the $2.40 resistance.
- XRP price is showing some positive signs above the $2.25 zone.
- The price is now trading below $2.3650 and the 100-hourly simple moving average.
- A major bearish trend line is forming with resistance at $2.380 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair may start a new rally if it holds above the $2.250 support.
XRP price is consolidating below $2.50
XRP price failed to extend gains above the $2.40 and $2.45 resistance levels. The price accepted the downside, but losses were limited in comparison Bitcoin and Ethereum. There was a move below the $2.32 and $2.25 support levels.
The highest value of the TIPS sector was 2.202 US dollars. They were converted in the exchange rate of $2.25 to US dollars. The price cleared the 50% Fib level of the move down from the $2.47 swing high to the $2.202 low.
The price is now trading below $2.3650 and the 100-hourly simple moving average. On the upside, the price may face near the $2.380 level. There is also a major bearish trend line forming with resistance at $2.380 on the hourly chart of the XRP/USD pair.
The first major resistance is near the $2.40 level or the 76.4% Fib level of the move down from the $2.47 swing high to the $2.202 low.
The next resistance is $2.45. A clear move above the $2.45 resistance could send the price towards the $2.50 resistance. Any further gains could send the price towards the resistance of $2.650 or even $2.6650 in the long term. The next big hurdle for the bulls may be $2.720.
More losses?
If XRP fails to clear the $2.400 protection zone, it could start another decline. Initial support on the downside is near the $2.320 level. The next major support is near the $2.250 level.
If there is a breakdown and close below the $2.250 level, the price could continue to go down to the $2.20 support. The next major support is near the $2.120 area.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Key Support Levels – $2.32 and $2.250.
Key Resistance Levels – $2.380 and $2.400.
