XRP Price Pulls Back: Healthy Correction or Start of a Fresh Downtrend?
XRP worth began a recent enhance above the $2.20 resistance. The worth is now correcting positive aspects and may discover bids close to the $2.050 zone.
- XRP worth began a draw back correction from the $2.250 resistance zone.
- The worth is now buying and selling under $2.120 and the 100-hourly Easy Shifting Common.
- There was a break under a connecting bullish development line with help at $2.140 on the hourly chart of the XRP/USD pair (knowledge supply from Kraken).
- The pair may prolong losses if there’s a shut under the $2.050 help zone.
XRP Worth Dips Once more
XRP worth began a recent enhance above the $1.980 resistance, like Bitcoin and Ethereum. The worth climbed above the $2.020 and $2.050 resistance ranges.
A excessive was shaped at $2.244 and the worth lately began a draw back correction. There was a transfer under the $2.120 help zone. In addition to, there was a break under a connecting bullish development line with help at $2.140 on the hourly chart of the XRP/USD pair.
The worth even spiked under the 50% Fib retracement stage of the upward transfer from the $1.920 swing low to the $2.244 excessive. The worth is now buying and selling under $2.120 and the 100-hourly Easy Shifting Common.
On the upside, the worth may face resistance close to the $2.120 stage. The primary main resistance is close to the $2.180 stage. The following resistance is $2.20. A transparent transfer above the $2.20 resistance may ship the worth towards the $2.250 resistance. Any extra positive aspects may ship the worth towards the $2.320 resistance and even $2.350 within the close to time period. The following main hurdle for the bulls is likely to be $2.50.
One other Decline?
If XRP fails to clear the $2.120 resistance zone, it might begin one other decline. Preliminary help on the draw back is close to the $2.050 stage and the 61.8% Fib retracement stage of the upward transfer from the $1.920 swing low to the $2.244 excessive. The following main help is close to the $2.00 stage.
If there’s a draw back break and an in depth under the $2.00 stage, the worth may proceed to say no towards the $1.920 help. The following main help sits close to the $1.840 zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining tempo within the bearish zone.
Hourly RSI (Relative Energy Index) – The RSI for XRP/USD is now under the 50 stage.
Main Help Ranges – $2.050 and $2.00.
Main Resistance Ranges – $2.120 and $2.180.
