XRP Price Stuck In Range As Bulls Struggle To Clear Key Resistance

XRP price started a recovery wave from $2.320. The price is now struggling to clear $2.420 and might decline if it trades below the $2.350 ￰0￱ price is attempting to recover above the $2.350 ￰1￱ price is now trading above $2.350 and the 100-hourly Simple Moving ￰2￱ is a contracting triangle forming with resistance at $2.420 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could start a fresh increase if it clears the $2.420 ￰3￱ Price Attempts Recovery XRP price formed a base above $2.30 and started a fresh increase, like Bitcoin and ￰4￱ price surpassed the $2.3750 and $2.380 resistance ￰5￱ bulls were able to push the price above the 23.6% Fib retracement level of the downward move from the $2.5320 swing high to the $2.3275 low.

However, the bears are currently active near the $2.420 zone and the 100-hourly Simple Moving ￰6￱ price is now trading below $2.420 and the 100-hourly Simple Moving ￰7￱ is a contracting triangle forming with resistance at $2.420 on the hourly chart of the XRP/USD ￰8￱ there is a fresh upward move, the price might face resistance near the $2.420 ￰9￱ is also close to the 50% Fib retracement level of the downward move from the $2.5320 swing high to the $2.3275 ￰10￱ first major resistance is near the $2.480 level, above which the price could rise and test $2.550. A clear move above the $2.550 resistance might send the price toward the $2.580 ￰11￱ more gains might send the price toward the $2.650 ￰12￱ next major hurdle for the bulls might be near $2.720.

Another Drop? If XRP fails to clear the $2.420 resistance zone, it could start a fresh ￰13￱ support on the downside is near the $2.380 ￰14￱ next major support is near the $2.350 ￰15￱ there is a downside break and a close below the $2.350 level, the price might continue to decline toward $2.320. The next major support sits near the $2.250 zone, below which the price could continue lower toward $2.20. Technical Indicators Hourly MACD – The MACD for XRP/USD is now gaining pace in the bullish ￰16￱ RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 ￰17￱ Support Levels – $2.350 and $2.320.

Major Resistance Levels – $2.420 and $2.50.