XRP Price Attempts Increase Above $2.20 Resistance Level
XRP price remains stable above the $2.10 zone, with potential movement towards breaking the $2.30 resistance.
- XRP is attempting to increase above the $2.20 resistance zone.
- Current trading price is near $2.25, aligned with the 100-hourly Simple Moving Average.
- A break occurred above a bearish trend line at $2.185 on the hourly XRP/USD chart (data from Kraken).
- Further gains may materialize if the price exceeds the $2.30 resistance.
XRP Price Eyes A Comeback
XRP initiated an increase from the $2.12 support level, contrasting with trends seen in Bitcoin and Ethereum. The price rose above the $2.15 and $2.20 marks.
The price surpassed the 23.6% Fibonacci retracement level of the decline from the $2.383 high to the $2.130 low, also breaking above the bearish trend line at $2.185.
Bears are active around the $2.25 and $2.26 levels. Currently, XRP trades near $2.25 and the 100-hourly Simple Moving Average. Resistance may be encountered near the $2.265 level, with major resistance at $2.28, aligning with the 61.8% Fibonacci retracement level from the previous decline.
The next resistance is at $2.30. A clear move beyond this could lead to prices approaching $2.420, with further gains potentially reaching $2.50 or even $2.550. The next significant hurdle for buyers may be at $2.680.
Another Decline?
If XRP fails to surpass the $2.30 resistance, another decline could ensue. Initial support is near the $2.188 level, with major support at $2.120.
A breakdown below the $2.120 level may result in further declines toward the $2.050 support, with additional significant support near the $2.00 zone.
Technical Indicators:
- Hourly MACD: Losing momentum in the bearish zone.
- Hourly RSI: Above the 50 level.
- Major Support Levels: $2.180 and $2.120.
- Major Resistance Levels: $2.28 and $2.30.