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XRP Price Hits Resistance—Will the Bulls Push Through or Fade Away?

XRP Price Hits Resistance—Will the Bulls Push Through or Fade Away?

XRP Price Holds Steady in Consolidation

XRP Price Holds Steady in Consolidation

XRP price found support at $2.080 and started a fresh increase. The price is now facing resistance near $2.1650 and struggling to continue higher.

XRP Price Recovery Could Fade

XRP price started a downside correction below the $2.20 and $2.150 levels, like Bitcoin and Ethereum. The price even declined below the $2.120 level before the bulls appeared.

A low was formed at $2.0780 and the price is now correcting losses. There was a move above the $2.10 and $2.120 levels. The price cleared the 23.6% Fib retracement level of the downward move from the $2.2579 swing high to the $2.078 low.

However, the bears are active near the $2.1650 zone. There is also a key bearish trend line forming with resistance near $2.160 on the hourly chart of the XRP/USD pair.

The price is now trading below $2.170 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $2.160 level. The first major resistance is near the $2.1680 level and the 50% Fib retracement level of the downward move from the $2.2579 swing high to the $2.078 low.

Source: XRPUSD on TradingView.com

The next resistance is $2.20. A clear move above the $2.20 resistance might send the price toward the $2.220 resistance. Any more gains might send the price toward the $2.250 resistance or even $2.30 in the near term. The next major hurdle for the bulls might be $2.320.

Another Decline?

If XRP fails to clear the $2.160 resistance zone, it could start another decline. Initial support on the downside is near the $2.120 level. The next major support is near the $2.080 level.

If there is a downside break and a close below the $2.080 level, the price might continue to decline toward the $2.050 support. The next major support sits near the $2.020 zone.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.

Major Support Levels – $2.120 and $2.080.

Major Resistance Levels – $2.1680 and $2.20.

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