XRP Price Recovery Efforts Raise Questions: Is the Momentum Shifting?

XRP is seeing a gradual increase, moving above the $1.90 mark. However, it is facing challenges in surpassing the $1.950 level and may see a fresh drop below $1.90.

Key Takeaways

XRP has initiated an upward trend above $1.90.
Currently trading above $1.910 and the 100-hourly Simple Moving Average.
A declining channel is forming with resistance at $1.940 on the hourly chart for the XRP/USD pair.
The price might continue to rise if it successfully breaks above $1.950.

XRP Price Recovery Attempt

Resistance Levels Challenge XRP's Growth

XRP's price has started a substantial upward movement above the $1.880 and $1.90 levels, following a similar trend observed in Bitcoin and Ethereum. It saw a notable increase that pushed it past the $1.920 resistance, with-the bulls driving the price even higher above the $1.9420 mark. A peak was reached at $1.9578 before the price underwent a downward correction, dipping below the 23.6% Fibonacci retracement level of the upward movement from a low of $1.770 to the recent high of $1.9578.

Presently, XRP is trading above $1.90 and the 100-hourly Simple Moving Average, but it faces a declining channel or flag pattern showcasing resistance near $1.940 on the hourly chart for the XRP/USD pair.

XRP Price Movement
Source: XRPUSD on TradingView.com

In the event of a new upward move, XRP may encounter resistance close to the $1.940 level. The first significant resistance can be found around the $1.9550 level; if exceeded, the price could challenge the $2.00 mark. A definitive move past the $2.00 resistance may push the price towards the next level of $2.050, with further increases potentially reaching the $2.120 mark. For bulls, a significant hurdle lies near the $2.150 level.

Possibility of a Downward Trend

Should XRP fail to overcome the $1.9550 resistance zone, a new decline may begin. Immediate support exists near the $1.90 level, with the next major support located around $1.8650 or the 50% Fibonacci retracement level traced from the increase between $1.770 and $1.9578.

If the price breaks down and closes below the $1.8650 mark, it could continue to decline towards $1.8420. Further support is positioned around the $1.80 zone, beneath which the price might drop to around $1.7750.

Technical Indicators

Hourly MACD: The MACD for XRP/USD is currently losing momentum within the bullish zone.
Hourly RSI (Relative Strength Index): The RSI for XRP/USD is hovering near the 50 mark.
Major Support Levels: $1.90 and $1.8650.
Major Resistance Levels: $1.9550 and $2.00.