NewsBTC
11 December 2024
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XRP Price Recovers from $1.90 Support, Targets $2.35 Resistance

XRP price found support near the $1.90 zone and is recovering losses, with potential for a move above the $2.35 resistance.

  • XRP price declined below the $2.25 zone.
  • Price is trading below $2.320 and the 100-hourly Simple Moving Average.
  • A break occurred above a bearish trend line with resistance at $2.22 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair may increase if it surpasses the $2.36 resistance.

XRP Price Eyes Fresh Surge

XRP extended its decline below the $2.30 level, similar to Bitcoin and Ethereum. The price moved below the $2.20 and $2.050 levels, forming a low at $1.898 before correcting some losses. It climbed above the 50% Fib retracement level of the downward move from the $2.64 swing high to the $1.898 low.

A break above the connecting bearish trend line at $2.22 occurred, and the price spiked above the 61.8% Fib retracement level of the same downward move. However, selling pressure persists below the $2.40 level. Currently, the price is below $2.320 and the 100-hourly Simple Moving Average, with resistance anticipated near $2.36 and major resistance at $2.40.

XRP Price

Next resistance lies at $2.475. A clear move above this level could propel the price towards $2.550, with further gains potentially targeting $2.650 or even $2.720. The next significant hurdle for bulls is at $2.880.

Another Decline?

If XRP does not clear the $2.360 resistance, another decline may ensue. Initial support is around the $2.150 level, with major support at $2.050. A breakdown below $2.050 could lead to a decline towards $1.880, with further support near $1.750.

Technical Indicators:

  • Hourly MACD – Losing momentum in the bullish zone.
  • Hourly RSI (Relative Strength Index) – Above the 50 level.
  • Major Support Levels – $2.1500 and $2.0500.
  • Major Resistance Levels – $2.3500 and $2.4750.