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Categories:

Hot right now:

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Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

XRP Price Slips After Rally — Bulls Still in Play or Fading Fast?

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XRP price started a fresh increase above the $2.220 zone. The price is now correcting gains and might find bids near the $2.150 support zone.

  • XRP price started a fresh increase above the $2.20 zone.
  • The price is now trading above $2.20 and the 100-hourly Simple Moving Average.
  • There was a break below a connecting bullish trend line with support at $2.220 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair might correct lower and test the $2.150 support zone.

XRP Price Corrects Gains

XRP price started a decent upward wave above the $2.10 and $2.120 resistance levels, like Bitcoin and Ethereum. The price traded above the $2.20 and $2.220 levels to start a decent increase.

The bulls even pushed the price above $2.250 before the bears appeared. A high was formed at $2.299 and the price started a downside correction. There was a move below the $2.220 and $2.2120 support levels. The price even traded below the 23.6% Fib retracement level of the upward move from the $2.060 swing low to the $2.299 high.

There was a break below a connecting bullish trend line with support at $2.220 on the hourly chart of the XRP/USD pair. The price is now trading above $2.20 and the 100-hourly Simple Moving Average.

XRP Price

On the upside, the price might face resistance near the $2.220 level. The first major resistance is near the $2.2440 level. The next resistance is $2.30. A clear move above the $2.30 resistance might send the price toward the $2.350 resistance. Any more gains might send the price toward the $2.450 resistance or even $2.50 in the near term. The next major hurdle for the bulls might be $2.620.

More Downsides?

If XRP fails to clear the $2.220 resistance zone, it could start another decline. Initial support on the downside is near the $2.20 level. The next major support is near the $2.180 level and the 50% Fib retracement level of the upward move from the $2.060 swing low to the $2.2990 high.

If there is a downside break and a close below the $2.180 level, the price might continue to decline toward the $2.150 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 below the 50 level.

Major Support Levels – $2.180 and $2.150.

Major Resistance Levels – $2.220 and $2.450.

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