XRP Price Coils Below Resistance — Bulls Prepare For Possible Upside Explosion

XRP price started a consolidation phase below $2.60. The price is now showing positive signs but faces a major resistance near $2.50 and $2.60. XRP price is attempting a recovery wave above the $2.420 ￰0￱ price is now trading below $2.50 and the 100-hourly Simple Moving ￰1￱ is a key bearish trend line forming with resistance at $2.50 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could start a fresh surge if it clears the $2.60 ￰2￱ Price Faces Key Resistance XRP price found support and started a strong recovery wave above $2.30, like Bitcoin and ￰3￱ price was able to climb above the $2.350 and $2.40 levels to enter a positive ￰4￱ bulls were able to push the price above the 61.8% Fib retracement level of the downward wave from the $3.05 swing high to the $1.40 swing low.

However, the bears are still active near the $2.550 and $2.60 levels. Besides, there is a key bearish trend line forming with resistance at $2.50 on the hourly chart of the XRP/USD ￰5￱ price is now trading below $2.50 and the 100-hourly Simple Moving ￰6￱ there is a fresh upward move, the price might face resistance near the $2.50 level and the trend ￰7￱ first major resistance is near the $2.60 level, above which the price could rise and test the 76.4% Fib retracement level of the downward wave from the $3.05 swing high to the $1.40 swing low at $2.660. A clear move above the $2.660 resistance might send the price toward the $2.750 ￰8￱ more gains might send the price toward the $2.780 ￰9￱ next major hurdle for the bulls might be near $2.820.

Another Drop? If XRP fails to clear the $2.50 resistance zone, it could start a fresh ￰10￱ support on the downside is near the $2.40 ￰11￱ next major support is near the $2.30 ￰12￱ there is a downside break and a close below the $2.30 level, the price might continue to decline toward $2.2420. The next major support sits near the $2.220 zone, below which the price could continue lower toward $2.120. Technical Indicators Hourly MACD – The MACD for XRP/USD is now losing pace in the bullish ￰13￱ RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 ￰14￱ Support Levels – $2.40 and $2.30.

Major Resistance Levels – $2.50 and $2.60.