Market
XRP Price vs. BTC Pressure: Can It Hold Its Ground?
XRP price is holding the ground above $2.25 despite pressure on Bitcoin. The price is now consolidating and aiming for a fresh increase above the $2.40 resistance.
- XRP price is showing a few positive signs above the $2.25 zone.
- The price is now trading below $2.3650 and the 100-hourly Simple Moving Average.
- There is a key bearish trend line forming with resistance at $2.380 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might start a fresh increase if it stays above the $2.250 support.
XRP Price Consolidates Below $2.50
XRP price failed to extend gains above the $2.40 and $2.45 resistance levels. The price reacted to the downsides, but losses were limited compared to Bitcoin and Ethereum. There was a move below the $2.32 and $2.25 support levels.
The last swing low was formed at $2.202, and the price is now consolidating. There was a move above the $2.25 level. The price cleared the 50% Fib retracement level of the downward move from the $2.47 swing high to the $2.202 low.
The price is now trading below $2.3650 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $2.380 level. There is also a key bearish trend line forming with resistance at $2.380 on the hourly chart of the XRP/USD pair.
The first major resistance is near the $2.40 level or the 76.4% Fib retracement level of the downward move from the $2.47 swing high to the $2.202 low.
The next resistance is $2.45. A clear move above the $2.45 resistance might send the price toward the $2.50 resistance. Any more gains might send the price toward the $2.650 resistance or even $2.6650 in the near term. The next major hurdle for the bulls might be $2.720.
More Losses?
If XRP fails to clear the $2.400 resistance zone, it could start another decline. Initial support on the downside is near the $2.320 level. The next major support is near the $2.250 level.
If there is a downside break and a close below the $2.250 level, the price might continue to decline toward the $2.20 support. The next major support sits near the $2.120 zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $2.32 and $2.250.
Major Resistance Levels – $2.380 and $2.400.
