XRP price corrected some losses and rose above the $2.25 zone. The price is currently struggling to overcome the $2,350 resistance zone.

  • XRP price is trying to rise above the $2,250 resistance zone.

  • The price is currently trading above the $2.25 level and the 100 hourly simple moving average.

  • There is a connecting bullish trend line forming with support at $2,285 on the hourly chart of the XRP/USD pair (data feed from Kraken).

  • The pair could start a significant upside move if it clears the $2,350 resistance.

XRP Price Faces Hurdle

XRP price started to bounce back above the $2.20 support level, just like Bitcoin and Ethereum. There was a significant increase above the $2.25 and $2.30 levels.

The price even tested the $2.35 level before the bears stepped in. A high was formed at $2.348 and the price is currently consolidating gains. There was a minor dip below the 23.6% Fib retracement level of the upward move from the $2.130 swing low to $2.348 high.

The price is currently trading above $2.25 and the 100 hourly simple moving average. There is also a connecting bullish trend line forming with support at $2.285 on the hourly chart of the XRP/USD pair.

On the upside, the price could face resistance near the $2.32 level. The first major resistance is near the $2.35 level. The next resistance is at $2.40. A clear move above the $2.40 resistance could take the price towards the $2.50 resistance.

Any further gains could push the price towards the $2,550 or even $2,650 resistance in the near term. The next major hurdle for the bulls could be $2,720.

Another recession?

If XRP fails to clear the $2,350 resistance zone, it could start another decline. The initial support on the downside is near the $2.28 level and the trend line. The next major support is near the $2.240 level or the 50% Fib retracement level of the upward move from the $2,130 low to $2,348 high.

If there is a downside break and close below $2,240, the price could continue to decline towards the $2.20 support. The next major support level is near the $2,050 area.

Technical indicators

  • Hourly MACD – The MACD for XRP/USD is currently slowing down in the bearish zone.

  • Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently above the 50 level.

  • Major support levels – $2,280 and $2,240.

  • Major resistance levels – $2,350 and $2.40.


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