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XRP Price Softens — Momentum Weakness Could Limit Upside In Near Term

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XRP price started a fresh increase above $2.550. The price is now facing hurdles above $2.650 and at risk of another decline in the near term.

  • XRP price gained pace for a move above $2.60 and $2.620 before the bears appeared.
  • The price is now trading below $2.60 and the 100-hourly Simple Moving Average.
  • There was a break below a bullish trend line with support at $2.6350 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could start a fresh increase if it stays above $2.50.

XRP Price Retreats Lower

XRP price started a fresh increase after it settled above $2.50, like Bitcoin and Ethereum. The price surpassed the $2.550 and $2.60 resistance levels.

The bulls were able to push the price above $2.650. A high was formed at $2.6972 and the price recently started a downside correction. There was a move below the 23.6% Fib retracement level of the recent move from the $2.327 swing low to the $2.6972 high.

Besides, there was a break below a bullish trend line with support at $2.6350 on the hourly chart of the XRP/USD pair. The price is now trading below $2.60 and the 100-hourly Simple Moving Average.

XRP Price

If there is a fresh upward move, the price might face resistance near the $2.620 level. The first major resistance is near the $2.650 level, above which the price could rise and test $2.6880. A clear move above the $2.6880 resistance might send the price toward the $2.720 resistance. Any more gains might send the price toward the $2.7650 resistance. The next major hurdle for the bulls might be near $2.80.

More Losses?

If XRP fails to clear the $2.650 resistance zone, it could start a fresh decline. Initial support on the downside is near the $2.5650 level. The next major support is near the $2.550 level.

If there is a downside break and a close below the $2.550 level, the price might continue to decline toward $2.5120 or the 50% Fib retracement level of the recent move from the $2.327 swing low to the $2.6972 high. The next major support sits near the $2.450 zone, below which the price could continue lower toward $2.40.

Technical Indicators

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

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

Major Support Levels – $2.550 and $2.5120.

Major Resistance Levels – $2.650 and $2.6880.

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