XRP Price Struggles Under Resistance—Are Bulls Running Out of Time?

XRP price has begun a recovery wave above the $2.080 mark. Currently, it’s consolidating and may face challenges overcoming the $2.10 resistance level.

Key Takeaways

XRP price has initiated a recovery above the $2.060 area.
Trading is currently above $2.050 and the 100-hourly Simple Moving Average.
A bearish trend line with resistance at $2.0850 is forming on the XRP/USD hourly chart.
The price could continue to ascend if it surpasses the $2.10 mark.

XRP Price Hesitates at Resistance

The XRP price has shown some recovery, moving beyond $2.060 as it seeks to maintain an upward trend. However, it faces strong resistance at the $2.10 level, where bears seem to have firm control. If bulls can overcome this hurdle, there’s potential for further gains; otherwise, a downturn could follow.

XRP Price Faces Rejection

The XRP price has managed to hold above $2.020 and has started a recovery wave, paralleling movements seen in Bitcoin and Ethereum. It successfully rose beyond the $2.050 and $2.060 thresholds, entering a positive territory. Notably, the price spiked above the 50% Fib retracement level of the drop from the $2.2130 high to the low of $1.990. However, bears defended against a close above the $2.10 level, leading to a subsequent drop in price.

Currently, the XRP price is trading above $2.050 and the 100-hourly Simple Moving Average. If it experiences a new upward move, the price may encounter resistance near the $2.10 level and the trend line. The first significant resistance level lies around $2.120.

XRP Price Source: XRPUSD on TradingView.com

Should the price close above $2.120, it could climb to $2.160, reaching the 76.4% Fib retracement level of the drop from the $2.2130 swing high to the $1.990 low. The next key resistance is identified at $2.20. A decisive move above the $2.20 point could drive the price towards the $2.2650 resistance. Continued gains may push the price further up to the $2.280 level, with a critical barrier for bullish momentum potentially situated near $2.350.

Potential for Another Decline?

If XRP cannot break through the $2.10 resistance area, it risks starting a new downtrend. Initial support lies around the $2.050 level, followed by significant support near $2.0150. A downward breach that results in a close below the $2.0150 mark could lead the price to further decline toward $1.950. The next substantial support level can be found around the $1.920 zone, below which the price could continue to drop towards $1.850.

Technical Indicators

Hourly MACD: The MACD for XRP/USD is currently accelerating in the bearish territory.
Hourly RSI (Relative Strength Index): The RSI for XRP/USD is now positioned below the 50 level.

Major Support Levels: $2.050 and $2.0150.
Major Resistance Levels: $2.10 and $2.160.