XRP Price Approaches Resistance, Setting Up a Make-or-Break Moment

Source: CryptoNewsNet Original Title: XRP Price Approaches Resistance, Setting Up a Make-or-Break Moment Original Link:

XRP Price Attempts Recovery

XRP price failed to stay above $2.20 and started a fresh decline, like Bitcoin and Ethereum. The price declined below $2.150 and $2.120 to enter a short-term bearish zone.

The price even spiked below $2.050. A low was formed at $2.034, and the price is now attempting to recover. There was a move above $2.080, but the price stayed below the 23.6% Fib retracement level of the downward move from the $2.415 swing high to the $2.034 low.

The price is now trading below $2.120 and the 100-hourly Simple Moving Average. If there is a fresh upward move, the price might face resistance near the $2.10 level. There is also a key bearish trend line forming with resistance at $2.10 on the hourly chart of the XRP/USD pair.

The first major resistance is near the $2.120 level. A close above $2.120 could send the price to $2.220 or the 50% Fib retracement level of the downward move from the $2.415 swing high to the $2.034 low.

The next hurdle sits at $2.320. A clear move above the $2.320 resistance might send the price toward the $2.350 resistance. Any more gains might send the price toward the $2.3850 resistance. The next major hurdle for the bulls might be near $2.40.

Another Decline?

If XRP fails to clear the $2.120 resistance zone, it could start a fresh decline. Initial support on the downside is near the $2.050 level. The next major support is near the $2.020 level.

If there is a downside break and a close below the $2.020 level, the price might continue to decline toward $2.00. The next major support sits near the $1.9650 zone, below which the price could continue lower toward $1.880.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.

Major Support Levels – $2.050 and $2.020.

Major Resistance Levels – $2.10 and $2.120.

XRP-0.04%
BTC0.7%
ETH0.41%
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