XRP Price Remains Steady Above $2.20 Amid Market Decline
XRP price remains stable above the $2.20 support zone, consolidating for a potential increase above the $2.40 resistance.
- XRP price is stable above $2.20.
- Currently trading below $2.40 and the 100-hourly Simple Moving Average.
- A bearish trend line forms with resistance at $2.35 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair may initiate another increase if it surpasses the $2.40 resistance.
XRP Price Stays Above $2.20
XRP price remains well-supported above $2.20, unlike Bitcoin and Ethereum. A low was established at $2.17, with trading occurring below $2.40.
There was a minor increase past the $2.25 and $2.30 levels, surpassing the 23.6% Fibonacci retracement level of the downward move from the $2.720 swing high to the $2.171 low. The price currently trades below $2.40 and the 100-hourly Simple Moving Average.
Resistance is anticipated near the $2.35 level, coinciding with a connecting bearish trend line on the hourly chart of the XRP/USD pair.
The first major resistance is at $2.40, followed by $2.45 or the 50% Fibonacci retracement level from the $2.720 swing high to the $2.171 low. A clear move above $2.45 may push the price toward $2.50. Further gains could reach $2.550 or $2.620 in the near term, with the next significant hurdle at $2.80.
Are Dips Limited?
If XRP does not overcome the $2.40 resistance, a decline may occur. Initial support is near $2.25, with significant support at $2.20.
A downside break and close below $2.20 could lead to a decline toward the $2.050 support, with the next major support around $2.00.
Technical Indicators:
Hourly MACD – The MACD for XRP/USD is losing momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is below the 50 level.
Major Support Levels – $2.20 and $2.050.
Major Resistance Levels – $2.35 and $2.40.