XRP Price Faces Wall – Recovery Hits Resistance As Market Momentum Fades Again

XRP price started a fresh increase above $2.450. The price is now showing positive signs but faces a major hurdle near the $2.620 ￰0￱ price is attempting a recovery wave above the $2.50 ￰1￱ price is now trading above $2.520 and the 100-hourly Simple Moving ￰2￱ is a key bearish trend line forming with resistance at $2.650 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could start a fresh decline if it settles below $2.50. XRP Price Struggles Near Resistance XRP price found support and started a strong recovery wave above $2.20, like Bitcoin and ￰3￱ price was able to climb above the $2.250 and $2.320 levels to enter a positive ￰4￱ was a decent increase above the 61.8% Fib retracement level of the downward move from the $3.05 swing high to the $1.40 swing low.

However, the price seems to be facing a major barrier near the $2.650 level. Besides, there is a key bearish trend line forming with resistance at $2.650 on the hourly chart of the XRP/USD ￰5￱ price is now trading above $2.520 and the 100-hourly Simple Moving ￰6￱ there is a fresh upward move, the price might face resistance near the $2.60 ￰7￱ first major resistance is near the $2.650 level and the trend ￰8￱ is close to the 76.4% Fib retracement level of the downward move from the $3.05 swing high to the $1.40 swing low. A clear move above the $2.650 resistance might send the price toward the $2.70 ￰9￱ more gains might send the price toward the $2.720 ￰10￱ next major hurdle for the bulls might be near $2.80.

Another Drop? If XRP fails to clear the $2.650 resistance zone, it could start a fresh ￰11￱ support on the downside is near the $2.550 ￰12￱ next major support is near the $2.50 ￰13￱ there is a downside break and a close below the $2.50 level, the price might continue to decline toward $2.30. The next major support sits near the $2.2680 zone, below which the price could continue lower toward $2.220. Technical Indicators Hourly MACD – The MACD for XRP/USD is now losing pace in the bullish ￰14￱ RSI (Relative Strength Index) – The RSI for XRP/USD is now near the 50 ￰15￱ Support Levels – $2.50 and $2.30.

Major Resistance Levels – $2.60 and $2.650.