XRP Price Under Pressure — Bulls Attempt To Defend Key Support Zone

XRP price started a recovery wave from $2.20. The price is struggling to clear $2.50 and might decline if it trades below the $2.320 ￰0￱ price is moving lower from the $2.550 ￰1￱ price is now trading below $2.420 and the 100-hourly Simple Moving ￰2￱ was a break below a connecting bullish trend line with support at $2.320 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could start a fresh increase if it clears the $2.450 ￰3￱ Price Faces Resistance XRP price formed a base above $2.250 and started a recovery wave, like Bitcoin and ￰4￱ price surpassed the $2.40 and $2.420 resistance ￰5￱ bulls were able to push the price above $2.50.

However, the bears remained active near the $2.550 level. A high was formed at $2.5520 and the price recently corrected some ￰6￱ dipped below the 50% Fib retracement level of the upward move from the $2.190 swing low to the $2.5520 high. Besides, there was a break below a connecting bullish trend line with support at $2.320 on the hourly chart of the XRP/USD ￰7￱ price is now trading below $2.420 and the 100-hourly Simple Moving ￰8￱ there is a fresh upward move, the price might face resistance near the $2.420 ￰9￱ first major resistance is near the $2.50 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 ￰10￱ more gains might send the price toward the $2.650 ￰11￱ 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 ￰12￱ support on the downside is near the $2.320 level and the 61.8% Fib retracement level of the upward move from the $2.190 swing low to the $2.5520 ￰13￱ next major support is near the $2.2750 ￰14￱ there is a downside break and a close below the $2.2750 level, the price might continue to decline toward $2.220. The next major support sits near the $2.20 zone, below which the price could continue lower toward $2.120. 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 – $2.320 and $2.2750.

Major Resistance Levels – $2.420 and $2.50.