XRP price is correcting gains from the $2.750 resistance. The price is still showing positive signs and might aim for a move above the $2.750 resistance zone.
- XRP price started a fresh increase above the $2.620 level.
- The price is now trading above $2.620 and the 100-hourly Simple Moving Average.
- There is a connecting bearish trend line forming with resistance at $2.720 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might start a fresh increase if it clears the $2.720 resistance zone.
XRP Price Faces Resistance
XRP price remained supported above the $2.550 level. It formed a base and started a strong increase above the $2.62 resistance zone, outperforming Bitcoin and Ethereum.
The price cleared the $2.650 and $2.680 resistance levels. There was a clear move above the 61.8% Fib retracement level of the downward wave from the $2.8320 swing high to the $2.470 low. However, the bears were active near the $2.750 resistance zone.
They protected a close above the 76.4% Fib retracement level of the downward wave from the $2.8320 swing high to the $2.470 low. The price is now moving lower below $2.70. The price is now trading above $2.720 and the 100-hourly Simple Moving Average.
On the upside, the price might face resistance near the $2.720 level. There is also a connecting bearish trend line forming with resistance at $2.720 on the hourly chart of the XRP/USD pair.
The first major resistance is near the $2.750 level. The next resistance is $2.80. A clear move above the $2.80 resistance might send the price toward the $2.850 resistance. Any more gains might send the price toward the $2.920 resistance or even $2.950 in the near term. The next major hurdle for the bulls might be $3.00.
More Losses?
If XRP fails to clear the $2.720 resistance zone, it could start another decline. Initial support on the downside is near the $2.650 level. The next major support is near the $2.60 level.
If there is a downside break and a close below the $2.60 level, the price might continue to decline toward the $2.550 support. The next major support sits near the $2.50 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 below the 50 level.
Major Support Levels – $2.650 and $2.60.
Major Resistance Levels – $2.720 and $2.750.
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