XRP price is trying to break through the resistance zone at $2.350. The price is struggling and slowly falling to the support level at $2.20.
XRP price is attempting to break through the resistance zone at $2,250.
The current price is above $2.25 and the 100-hour simple moving average.
On the hourly chart of XRP/USD, a key descending channel has formed, with resistance at $2.288 (data sourced from Kraken).
If the resistance level at $2.30 is broken, the currency pair may start to rise significantly.
XRP price has dropped again.
XRP price has begun a new rally above the support level of $2.20, similar to Bitcoin and Ethereum. There has been significant gains above $2.25 and $2.30.
Before the bears appeared, the price even tested the level of $2.35. The peak formed at $2.348, and the current price is correcting the gains. The price has dropped below the level of $2.30. The price has fallen below the 23.6% Fibonacci retracement level of the upward move from the swing low of $2.130 to the swing high of $2.348.
The current price is trading above $2.25 and the 100-hour simple moving average. To the upside, the price may face resistance around $2.288. A key descending channel has also formed on the hourly chart of XRP/USD, with resistance at $2.288.
The first major resistance level is around $2.30. The next resistance level is $2.35. If the price breaks clearly above the resistance level of $2.35, it may fall towards the resistance level of $2.50.
Further upward movement may bring the price down to the resistance level of $2.550 in the short term, or even $2.650. The next major hurdle for the bulls may be $2.720.
Another decline?
If XRP fails to break through the resistance zone at $2.30, it may drop again. The initial support level on the downside is around $2.24. The next major support level is around $2.210, which is the 61.8% Fibonacci retracement level from the swing low of $2.130 to the swing high of $2.348.
If a downward breakout occurs and closes below $2.210, the price may continue to fall to the support level at $2.150. The next major support level is around the $2.050 area.
Technical indicators:
Hourly MACD - The MACD for XRP/USD is currently losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) - The RSI for XRP/USD is now below the 50 level.
Major support levels - $2.240 and $2.210.
Major resistance levels - $2.300 and $2.350.