Ah, the elusive XRP price, like a shy debutante at a ball, has taken a fresh tumble below the $2.350 threshold. Yet, in a twist worthy of a soap opera, it now seeks to recover its lost dignity, albeit with a few hurdles lurking around the $2.420 corner.
- Our dear XRP has indeed started a fresh decline, slipping below the $2.450 mark, as if it were a clumsy dancer on a slick floor.
- Currently, it finds itself trading above $2.350, clinging to the 100-hourly Simple Moving Average like a lifebuoy in a stormy sea.
- But wait! A bearish trend line is forming, casting a shadow of resistance at $2.40 on the hourly chart of the XRP/USD pair (data courtesy of our friends at Kraken).
- Should it remain below the $2.450 resistance, we might witness yet another dramatic decline. Cue the suspenseful music!
XRP Price Faces Hurdles
In a plot twist, XRP attempted a fresh decline below the $2.450 zone, unlike its more glamorous cousins, Bitcoin and Ethereum. It dipped below the $2.40 and $2.350 levels, even testing the depths of the $2.2850 abyss.
A low was formed at $2.2848, and now, like a phoenix, it attempts to rise again. It has managed to soar above the $2.32 and $2.350 levels, surpassing the 50% Fib retracement level of its downward journey from the $2.449 swing high to the $2.848 high. Quite the comeback!
However, the price now faces hurdles near the $2.40 level, trading above $2.35 and the 100-hourly Simple Moving Average. On the upside, resistance looms near the $2.40 level, with a bearish trend line forming ominously on the hourly chart.
The first major resistance is lurking near the $2.420 level, coinciding with the 76.4% Fib retracement level of the downward move from the $2.449 swing high to the $2.848 high. Will it break free?
Next up, the resistance at $2.50 awaits. A clear move above this threshold might catapult the price toward the $2.60 resistance. Any further gains could send it soaring toward $2.650 or even $2.680 in the near future. The next major hurdle for our bullish friends might just be $2.80. Hold onto your hats!
Another Decline?
If XRP fails to conquer the $2.420 resistance zone, we could be in for another decline. Initial support on the downside is hovering near the $2.350 level, with the next major support lurking at $2.320.
Should there be a downside break and a close below the $2.320 level, the price might continue its descent toward the $2.20 support. The next major support sits ominously near the $2.120 zone. Will it survive?
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now losing its pace in the bearish zone, like a tired marathon runner.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level, but will it hold?
Major Support Levels – $2.350 and $2.320.
Major Resistance Levels – $2.40 and $2.420.
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2025-05-20 07:27