XRP Battle Heats Up—Can Bulls Turn the Tide? | XRP News
XRP price began a recent decline beneath the $2.050 zone. The price is now consolidating and may face hurdles close to the $2.10 stage.
- XRP price began a recent decline beneath the $2.120 and $2.050 ranges.
- The price is now trading beneath $2.10 and the 100-hourly Simple Moving Average.
- There is a short-term declining channel forming with resistance at $2.0680 on the hourly chart of the XRP/USD pair (knowledge source from Kraken).
- The pair may prolong losses if it fails to clear the $2.10 resistance zone.
XRP Price Attempts Recovery
XRP price prolonged losses beneath the $2.050 assist stage, like Bitcoin and Ethereum. The price declined beneath the $2.00 and $1.980 assist ranges. A low was shaped at $1.960 and the price is making an attempt a restoration wave.
There was a transfer above the $2.00 and $2.020 ranges. The price surpassed the 23.6% Fib retracement stage of the downward transfer from the $2.235 swing high to the $1.960 low. However, the bears are lively beneath the $2.10 resistance zone.
The price is now trading beneath $2.10 and the 100-hourly Simple Moving Average. On the upside, the price may face resistance close to the $2.070 stage. There can be a short-term declining channel forming with resistance at $2.0680 on the hourly chart of the XRP/USD pair.
The first main resistance is close to the $2.10 stage. It is close to the 50% Fib retracement stage of the downward transfer from the $2.235 swing high to the $1.960 low. The subsequent resistance is $2.120.
A transparent transfer above the $2.120 resistance may ship the price towards the $2.180 resistance. Any more good points may ship the price towards the $2.2350 resistance and even $2.40 in the close to time period. The subsequent main hurdle for the bulls is perhaps $2.50.
Another Decline?
If XRP fails to clear the $2.10 resistance zone, it might begin one other decline. Initial assist on the draw back is close to the $2.00 stage. The subsequent main assist is close to the $1.960 stage.
If there may be a draw back break and a close beneath the $1.960 stage, the price may proceed to say no towards the $1.920 assist. The subsequent main assist sits close to the $1.90 zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now shedding tempo in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 stage.
Major Support Levels – $2.00 and $1.960.
Major Resistance Levels – $2.10 and $2.120.
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