XRP Price Attempts Break Above $2.350 Resistance Amid Decline
XRP price attempted to break above the $2.350 resistance zone but is now moving lower toward the $2.20 support.
- XRP is attempting to increase above the $2.250 resistance zone.
- The price is currently above $2.25 and the 100-hourly Simple Moving Average.
- A key declining channel is forming with resistance at $2.288 on the hourly chart of the XRP/USD pair (data source from Kraken).
- A significant increase may occur if it surpasses the $2.30 resistance.
XRP Price Fails Again
XRP started an increase above the $2.20 support level, similar to Bitcoin and Ethereum. The price rose past $2.25 and $2.30 levels, testing $2.35 before declining. A high of $2.348 was recorded, followed by a correction below the $2.30 level and the 23.6% Fib retracement level from the $2.130 low to the $2.348 high.
The current trading position is above $2.25 and the 100-hourly Simple Moving Average, with potential resistance near $2.288 due to the declining channel formation.
Key resistance levels are at $2.30 and $2.35. A clear move above $2.35 could lead to a rise toward $2.50.
Further gains might target the $2.550 or $2.650 resistances, with a major hurdle at $2.720.
Another Decline?
If XRP does not clear the $2.30 resistance, another decline may begin. Initial downside support is near $2.24, followed by major support at $2.210 or the 61.8% Fib retracement level of the upward move from the $2.130 low to the $2.348 high.
A breakdown and close below $2.210 could lead to a decline toward $2.150, with further support around $2.050.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is below the 50 level.
Major Support Levels – $2.240 and $2.210.
Major Resistance Levels – $2.300 and $2.350.