XRP Recovery Stalls—Are Bears Still In Control?

XRP worth began a recent decline from the $2.20 zone. The worth is now consolidating and would possibly face hurdles close to the $2.120 stage.

• XRP worth began a recent decline after it didn’t clear the $2.20 resistance zone.
• The worth is now buying and selling beneath $2.150 and the 100-hourly Easy Shifting Common.
• There’s a connecting bearish development line forming with resistance at $2.120 on the hourly chart of the XRP/USD pair (information supply from Kraken).
• The pair would possibly lengthen losses if it fails to clear the $2.20 resistance zone.

XRP Value Faces Rejection

XRP worth didn’t proceed larger above the $2.20 resistance zone and reacted to the draw back, like Bitcoin and Ethereum. The worth declined beneath the $2.150 and $2.120 ranges.

The bears have been capable of push the value beneath the 50% Fib retracement stage of the restoration wave from the $2.023 swing low to the $2.199 excessive. There may be additionally a connecting bearish development line forming with resistance at $2.120 on the hourly chart of the XRP/USD pair.

The worth is now buying and selling beneath $2.150 and the 100-hourly Easy Shifting Common. Nonetheless, the bulls are actually lively close to the $2.10 help stage. They’re defending the 61.8% Fib retracement stage of the restoration wave from the $2.023 swing low to the $2.199 excessive.

On the upside, the value would possibly face resistance close to the $2.120 stage and the development line zone. The primary main resistance is close to the $2.150 stage. The following resistance is $2.20. A transparent transfer above the $2.20 resistance would possibly ship the value towards the $2.240 resistance. Any extra beneficial properties would possibly ship the value towards the $2.2650 resistance and even $2.2880 within the close to time period. The following main hurdle for the bulls is perhaps $2.320.

One other Decline?

If XRP fails to clear the $2.150 resistance zone, it may begin one other decline. Preliminary help on the draw back is close to the $2.10 stage. The following main help is close to the $2.0650 stage.

If there’s a draw back break and a detailed beneath the $2.0650 stage, the value would possibly proceed to say no towards the $2.020 help. The following main help sits close to the $2.00 zone.

Technical Indicators

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

Hourly RSI (Relative Power Index) – The RSI for XRP/USD is now beneath the 50 stage.

Main Help Ranges – $2.10 and $2.050.

Main Resistance Ranges – $2.120 and $2.20.

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