XRP Price Recovery Attempts — Bulls Aim for an Upside Break

XRP's price has experienced a downturn, dropping below the $1.5320 mark. Currently, it is in the process of attempting a recovery but is encountering obstacles near the $1.6250 and $1.650 levels.

Key Takeaways

XRP prices began to recover from lows around $1.5250.
The price is currently trading below $1.6220 and the 100-hourly Simple Moving Average.
A bearish trend line is forming with resistance at $1.6250, which could impede upward movement.
If XRP remains below $1.6350, it may continue its downward trajectory.

XRP Price Recovery Mode Engaged

Outlook for XRP Price Recovery

XRP struggled to maintain a price above $1.550 and has extended its losses, much like Bitcoin and Ethereum. After slipping below the $1.5250 and $1.520 levels, XRP has entered a short-term bearish phase. The price even dipped beneath the $1.5120 level, recording a low of $1.50. It is now striving to regain momentum, with a brief rise past the $1.550 mark. However, it has yet to stabilize above the 23.6% Fibonacci retracement level based on the decline from the swing high of $1.93 to the low of $1.50.

At present, the price is trading below $1.6220 and the 100-hourly Simple Moving Average. Should a new upward movement occur, XRP is likely to encounter resistance around the $1.6220 level. Additionally, there is a significant bearish trend line with resistance at $1.6250 on the hourly chart of the XRP/USD pair.

XRP Price Analysis
Source: XRPUSD on TradingView.com

The first notable resistance point is near $1.650. A close above this level may propel the price up to $1.7190 or the 50% Fibonacci retracement level relating to the decline from $1.93 to $1.50. Should it surpass the $1.770 resistance, XRP could target the $1.80 level. Further gains could push the price up to the $1.8250 resistance level, with the next significant barrier likely around $1.850 for bullish traders.

Potential for Another Decline?

Should XRP find it challenging to surpass the resistance at $1.6250, a fresh downward trend may commence. The immediate support level lies near $1.550, followed by a significant support level around $1.5250. If a downward break occurs and closes below $1.5250, the price could further decline toward $1.50. The next critical support level is near $1.4650, below which XRP could continue to fall toward $1.450.

Technical Indicators

Hourly MACD: The MACD indicator for XRP/USD is currently losing momentum in the bearish zone.
Hourly RSI (Relative Strength Index): The RSI for XRP/USD is above the 50 mark, indicating a potential recovery.

Major Support Levels:

$1.550
$1.5250

Major Resistance Levels:

$1.6250
$1.650