XRP Price Clings to Support — Recovery Hopes Hinge on Holding the Line

XRP price started a fresh decline below the $2.150 zone. The price is now consolidating losses and might recover unless the bears push it below $2.120.

• XRP price started a fresh decline below the $2.180 zone.
• The price is now trading below $2.20 and the 100-hourly Simple Moving Average.
• There was a break above a bearish trend line with resistance at $2.1550 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair might start a recovery wave if there is a close above the $2.20 resistance zone.

XRP Price Holds Support

XRP price reacted to the downside below the $2.220 support zone, like Bitcoin and Ethereum . The price declined below the $2.20 and $2.180 support levels.

The pair tested the $2.120 support A low was formed at $2.120 and the price is now consolidating losses. There was a minor move above the 23.6% Fib retracement level of the recent decline from the $2.335 swing high to the $2.120 low.

Besides, there was a break above a bearish trend line with resistance at $2.1550 on the hourly chart of the XRP/USD pair. The price is now trading below $2.20 and the 100-hourly Simple Moving Average.

On the upside, the price might face resistance near the $2.180 level. The first major resistance is near the $2.20 level. The next resistance is $2.2250 or the 50% Fib retracement level of the recent decline from the $2.335 swing high to the $2.120 low.

A clear move above the $2.2250 resistance might send the price toward the $2.2540 resistance. Any more gains might send the price toward the $2.280 resistance or even $2.30 in the near term. The next major hurdle for the bulls might be $2.350.

Another Decline?

If XRP fails to clear the $2.20 resistance zone, it could start another decline. Initial support on the downside is near the $2.1420 level. The next major support is near the $2.120 level.

If there is a downside break and a close below the $2.120 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 bearish zone.

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

Major Support Levels – $2.1420 and $2.120.

Major Resistance Levels – $2.180 and $2.20.