XRP Price Targets Recovery — Signs of Strength Emerging

XRP price started a fresh decline below the $2.320 zone. The price is now correcting losses and might aim for a move above the $2.350 resistance.

• XRP price started a fresh decline below the $2.300 zone.
• The price is now trading below $2.320 and the 100-hourly Simple Moving Average.
• There was a break above a connecting bearish trend line with resistance at $2.2920 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair might start another decline if it fails to clear the $2.3250 level.

XRP Price Faces Resistance

XRP price found support at $2.220 and recently started a recovery wave, unlike Bitcoin and Ethereum. There was a move above the $2.2650 and $2.280 resistance levels,

There was a move above the 50% Fib retracement level of the downward wave from the $2.3540 swing high to the $2.2279 low. Besides, there was a break above a connecting bearish trend line with resistance at $2.2920 on the hourly chart of the XRP/USD pair.

However, the bears were active near the $2.30 level. The price is now trading below $2.320 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $2.3250 level. It is near the 76.4% Fib retracement level of the downward wave from the $2.3540 swing high to the $2.2279 low.

The first major resistance is near the $2.3350 level. The next resistance is $2.350. A clear move above the $2.350 resistance might send the price toward the $2.40 resistance. Any more gains might send the price toward the $2.420 resistance or even $2.450 in the near term. The next major hurdle for the bulls might be $2.50.

Another Drop?

If XRP fails to clear the $2.320 resistance zone, it could start another decline. Initial support on the downside is near the $2.280 level. The next major support is near the $2.260 level.

If there is a downside break and a close below the $2.260 level, the price might continue to decline toward the $2.2320 support. The next major support sits near the $2.20 zone.

Technical Indicators

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

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

Major Support Levels – $2.280 and $2.260.

Major Resistance Levels – $2.320 and $2.340.