XRP Price Softens — Momentum Weakness Could Limit Upside In Near Term

XRP price started a fresh increase above $2.550. The price is now facing hurdles above $2.650 and at risk of another decline in the near ￰0￱ price gained pace for a move above $2.60 and $2.620 before the bears ￰1￱ price is now trading below $2.60 and the 100-hourly Simple Moving ￰2￱ was a break below a bullish trend line with support at $2.6350 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could start a fresh increase if it stays above $2.50. XRP Price Retreats Lower XRP price started a fresh increase after it settled above $2.50, like Bitcoin and ￰3￱ price surpassed the $2.550 and $2.60 resistance ￰4￱ bulls were able to push the price above $2.650.

A high was formed at $2.6972 and the price recently started a downside ￰5￱ was a move below the 23.6% Fib retracement level of the recent move from the $2.327 swing low to the $2.6972 high. Besides, there was a break below a bullish trend line with support at $2.6350 on the hourly chart of the XRP/USD ￰6￱ price is now trading below $2.60 and the 100-hourly Simple Moving ￰7￱ there is a fresh upward move, the price might face resistance near the $2.620 ￰8￱ first major resistance is near the $2.650 level, above which the price could rise and test $2.6880. A clear move above the $2.6880 resistance might send the price toward the $2.720 ￰9￱ more gains might send the price toward the $2.7650 ￰10￱ next major hurdle for the bulls might be near $2.80.

More Losses? If XRP fails to clear the $2.650 resistance zone, it could start a fresh ￰11￱ support on the downside is near the $2.5650 ￰12￱ next major support is near the $2.550 ￰13￱ there is a downside break and a close below the $2.550 level, the price might continue to decline toward $2.5120 or the 50% Fib retracement level of the recent move from the $2.327 swing low to the $2.6972 ￰14￱ next major support sits near the $2.450 zone, below which the price could continue lower toward $2.40. Technical Indicators Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish ￰15￱ RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 ￰16￱ Support Levels – $2.550 and $2.5120.

Major Resistance Levels – $2.650 and $2.6880.