XRP Price Shows Recovery Signs, Approaching $2.250 Resistance Zone
XRP is attempting a recovery from the $1.90 zone, with potential to surpass the $2.250 resistance level.
- XRP declined from the $2.200 resistance zone.
- The price is trading below $2.1850 and the 100-hourly Simple Moving Average.
- A short-term rising channel is forming with resistance at $2.250.
- Clearing $2.250 could lead to further upward movement.
XRP Price Movement
XRP started to decline after failing to break the $2.20 resistance. The price fell below key support levels of $2.120 and $2.050, reaching a low of $1.90 before initiating an upward move.
Recent movements show the price has surpassed the $1.980 and $2.00 resistance levels, moving above the 50% Fibonacci retracement level from the $2.365 high to the $1.90 low.
Current trading is below $2.1850, with resistance near $2.250, coinciding with the 76.4% Fibonacci retracement level. Major resistance levels are at:
- $2.350
- $2.420
- $2.450
- $2.50
- $2.550
- $2.650
Potential Decline
If XRP does not clear the $2.250 resistance, a decline may occur. Initial support is near $2.150, followed by $2.120. A close below $2.120 could push the price toward $2.050 and potentially to the $2.00 zone.
Indicators show the following:
- Hourly MACD is losing momentum in the bearish zone.
- Hourly RSI is above the 50 level.
- Major support levels are at $2.120 and $2.050.
- Major resistance levels are at $2.250 and $2.350.