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XRP Price Struggles at Resistance With Signals Hinting at a Possible New Decline

XRP worth began a restoration wave above $2.050. The worth is now displaying constructive indicators however may battle to clear the $2.10 resistance.

  • XRP worth began a restoration wave above the $2.050 zone.
  • The worth is now buying and selling above $2.060 and the 100-hourly Simple Moving Average.
  • There is a connecting bearish development line forming with resistance at $2.090 on the hourly chart of the XRP/USD pair (information supply from Kraken).
  • The pair may proceed to maneuver up if it settles above $2.160.

XRP Price Faces Uphill Task

XRP worth remained supported above $2.00 and began a restoration wave, like Bitcoin and Ethereum. The worth was in a position to climb above $2.020 and $2.050 to enter a constructive zone.

There was a clear transfer above the 23.6% Fib retracement degree of the downward transfer from the $2.2130 swing high to the $1.990 low. However, the worth is now dealing with resistance close to $2.10. There can be a connecting bearish development line forming with resistance at $2.090 on the hourly chart of the XRP/USD pair.

The worth is now buying and selling above $2.060 and the 100-hourly Simple Moving Average. If there’s a contemporary upward transfer, the worth may face resistance close to the $2.10 degree and the development line. The first main resistance is close to the $2.1250 degree.

An in depth above $2.1250 may ship the worth to $2.160 and the 76.4% Fib retracement degree of the downward transfer from the $2.2130 swing high to the $1.990 low. The subsequent hurdle sits at $2.220. A transparent transfer above the $2.220 resistance may ship the worth towards the $2.280 resistance. Any extra positive factors may ship the worth towards the $2.350 resistance. The subsequent main hurdle for the bulls may be close to $2.450.

Another Decline?

If XRP fails to clear the $2.10 resistance zone, it may begin a contemporary decline. Initial help on the draw back is close to the $2.050 degree. The subsequent main help is close to the $2.00 degree.

If there’s a draw back break and a shut beneath the $2.00 degree, the worth may proceed to say no towards $1.9650. The subsequent main help sits close to the $1.920 zone, beneath which the worth may proceed decrease towards $1.850.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now gaining tempo within the bullish zone.

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

Major Support Levels – $2.020 and $2.00.

Major Resistance Levels – $2.10 and $2.160.

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