XRP price is struggling to recover above the $2.920 zone. The price is now moving higher and might gain pace if it settles above $2.90.
However, the price seems to be struggling to settle above the $2.920 resistance zone. Recently, there was a fresh bearish reaction below the $2.90 level. The price dipped below the 23.6% Fib retracement level of the upward move from the $2.793 swing low to the $2.925 high.
The price is now trading above $2.850 and the 100-hourly Simple Moving Average. Besides, there is a bullish trend line forming with support at $2.8650 on the hourly chart of the XRP/USD pair.
If the bulls protect the $2.850 support, the price could attempt another increase. On the upside, the price might face resistance near the $2.90 level. The first major resistance is near the $2.920 level. A clear move above the $2.920 resistance might send the price toward the $2.980 resistance. Any more gains might send the price toward the $3.00 resistance. The next major hurdle for the bulls might be near $3.050.
If XRP fails to clear the $2.920 resistance zone, it could continue to move down. Initial support on the downside is near the $2.8650 level and trend line. The next major support is near the $2.850 level or the 50% Fib retracement level of the upward move from the $2.793 swing low to the $2.925 high.
If there is a downside break and a close below the $2.850 level, the price might continue to decline toward $2.80. The next major support sits near the $2.720 zone, below which the price could gain bearish momentum.
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 – $2.850 and $2.80.
Major Resistance Levels – $2.90 and $2.920.
