Despite pressure on Bitcoin, XRP's price remains above $2.25. The price is currently consolidating and is expected to break through the resistance at $2.40.
XRP's price shows some positive signs above the $2.25 area.
The current price is below $2.3650 and the 100-hour simple moving average.
A key bearish trend line has formed on the hourly chart of XRP/USD, with resistance at $2.380 (data source: Kraken).
If the currency pair remains above the support level of $2,250, it may begin a new rally.
XRP's price is consolidating below $2.50.
XRP's price failed to break above the resistance levels of $2.40 and $2.45. The price reacted downwards, but losses were limited compared to Bitcoin and Ethereum. Breaking below the support levels of $2.32 and $2.25.
The last swing low was formed at $2.202, and the current price is consolidating. The price has broken above the $2.25 level. The price has surpassed the 50% Fibonacci retracement level of the downward move from the high of $2.47 to the low of $2.202.
The current price is below $2.3650 and the 100-hour simple moving average. On the upside, the price may face resistance around $2.380. A key bearish trend line has also formed on the hourly chart of XRP/USD, with resistance at $2.380.
The first major resistance level is around $2.40, or the 76.4% Fibonacci retracement level of the downward move from the high of $2.47 to the low of $2.202.
The next resistance level is $2.45. If there is a clear breakout above the resistance level of $2.45, the price may drop towards the resistance level of $2.50. If the price continues to rise, it may dip towards the resistance level of $2.650 in the short term, or even $2.6650. The next major hurdle for bulls may be $2.720.
More losses?
If XRP fails to break through the resistance area at $2.400, it may decline again. The initial support level on the downside is around $2.320. The next major support level is around $2.250.
If a downside breakout occurs and closes below $2.250, the price may continue to decline towards the support level of $2.20. The next major support level is near the $2.120 area.
Technical Indicators:
Hourly MACD - The MACD for XRP/USD is currently losing momentum in the bullish area.
Hourly RSI (Relative Strength Index) - The RSI for XRP/USD is currently above the 50 level.
Major support levels - $2.32 and $2.250.
Major resistance levels - $2,380 and $2,400.
