XRP price started a new decrease under the resistance of $ 2,650. The price is now consolidating losses and can experience resistance near the $ 2,550 zone.
- XRP price started a new decrease below $ 2,650 zone.
- The price is now traded above $ 2.40 and the 100-hour simple advancing average.
- An increasing channel has been formed in the short term with support at $ 2.40 on the hourly table of the XRP/USD pair (data source of Kraken).
- The couple can stay down if it remains under the $ 2,550 resistance zone.
XRP -Price faces Resistance
XRP price started a new fall in $ 3.00 resistance, such as Bitcoin and Ethereum. The price fell under the levels of $ 2.80 and $ 2.60.
The bears could push the price below the 50% FIB racement level of the upward movement from the $ 1.95 swing low to $ 3.00 high. Finally, the bulls appeared near the $ 2.20 support zone. A basis forms and the price is now trying to restore more than $ 2.30.
The price is now traded above $ 2.40 and the 100-hour simple advancing average. An increasing channel has also been formed in the short term with support at $ 2.40 on the hourly table of the XRP/USD couple.
At the top the price can resist the level of $ 2,550 face. The first major resistance is near the level of $ 2,650. The next resistance is $ 2,750. A clear movement above the $ 2,750 resistance can send the price to $ 2.80 resistance.
More profits can send the price to the resistance of $ 2,880 or even $ 2,920 in the short term. The next major obstacle for the bulls can be $ 3.00.
Another decline?
If XRP did not know the $ 2,550 resistance zone, it can start a new decline. The first support on the disadvantage is near the level of $ 2.40. The next major support is near the level of $ 2,320.
If there is a downward break and a nearby $ 2,320 level, the price can continue to fall in the direction of the support of $ 2.20 and the 76.4% FIB retracement level of the upward movement of the $ 1.95 Swing to the $ 3.00 high. The next major support is near the $ 2,120 zone.
Technical indicators
MACD per hour – The MACD for XRP/USD now loses pace in the bearish zone.
Picly RSI (relative strength -index) -The RSI for XRP/USD is now above 50 -level.
Important support levels – $ 2.40 and $ 2,320.
Important resistance levels – $ 2,550 and $ 2,750.
Credit : www.newsbtc.com
