The XRP price remains above $2.25 despite the pressure on Bitcoin. The price is now consolidating and targeting a fresh rise above the USD 2.40 resistance.
- The XRP price is showing some positive signals above the $2.25 zone.
- The price is now trading below $2.3650 and the 100-hourly Simple Moving Average.
- A major bearish trendline is forming with resistance at $2,380 on the hourly chart of the XRP/USD pair (Kraken data source).
- The pair could start a new rise if it remains above the $2,250 support.
XRP price consolidates below $2.50
XRP price failed to extend gains above the USD 2.40 and USD 2.45 resistance levels. The price responded to the negatives, but the losses were limited compared to Bitcoin and Ethereum. There was a move below the support levels at $2.32 and $2.25.
The last swing low was formed at $2,202, and the price is now consolidating. There was a move above the USD 2.25 level. The price reached 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 could encounter resistance near the $2,380 level. There is also a major bearish trendline 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 USD 2.45 resistance could send the price towards the USD 2.50 resistance. Any further gains could send the price towards the near-term resistance at USD 2.650 or even USD 2.6650. The next major hurdle for the bulls could be $2,720.
Lose more?
If XRP fails to break the USD 2,400 resistance zone, it could trigger another decline. The initial downside support is near the USD 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 could continue falling towards the $2.20 support. The next major support is 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 – USD 2.32 and USD 2.250.
Major resistance levels – $2,380 and $2,400.
