XRP Price Sees Bullish Move, Can Buyers Protect Upside Levels?

XRP price started a recovery wave from $2.050. The price is now back above $2.25 and might attempt to surpass the $2.420 resistance ￰0￱ price was able to start a recovery wave above $2.20. The price is now trading above $2.250 and the 100-hourly Simple Moving ￰1￱ was a break above a bearish trend line with resistance at $2.240 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could continue to move up if it clears $2.420.

XRP Price Starts Recovery XRP price extended losses below $2.25 and $2.20, like Bitcoin and ￰2￱ price dipped below the $2.150 and $2.120 levels. A low was formed at $2.066, and the price recently started a recovery ￰3￱ was a move above the $2.20 and $2.25 ￰4￱ price climbed above the 50% Fib retracement level of the downward move from the $2.552 swing high to the $2.066 low. Besides, there was a break above a bearish trend line with resistance at $2.240 on the hourly chart of the XRP/USD ￰5￱ price is now trading above $2.250 and the 100-hourly Simple Moving ￰6￱ there is a fresh upward move, the price might face resistance near the $2.40 ￰7￱ first major resistance is near the $2.420 level and the 76.4% Fib retracement level of the downward move from the $2.552 swing high to the $2.066 low, above which the price could rise and test $2.480.

A clear move above the $2.480 resistance might send the price toward the $2.550 ￰8￱ more gains might send the price toward the $2.650 ￰9￱ next major hurdle for the bulls might be near $2.720. Another Decline? If XRP fails to clear the $2.420 resistance zone, it could start a fresh ￰10￱ support on the downside is near the $2.280 ￰11￱ next major support is near the $2.250 ￰12￱ there is a downside break and a close below the $2.250 level, the price might continue to decline toward $2.20. The next major support sits near the $2.120 zone, below which the price could continue lower toward $2.060.

Technical Indicators Hourly MACD – The MACD for XRP/USD is now losing pace in the bearish ￰13￱ RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 ￰14￱ Support Levels – $2.280 and $2.250. Major Resistance Levels – $2.40 and $2.420.