XRP Price Faces Upside Hurdles
XRP price faced rejection near $2.650 and corrected gains. The price is now consolidating and approaches the key support at $2.00.
After a decent increase, XRP faced rejection near the $2.650 zone. The bears took control and pushed the price below the $2.45 and $2.40 support levels. The decline was such that the price settled below the $2.40 level and the 50-day simple moving average (blue).
Finally, the price spiked below the 50% Fib retracement level of the upward wave from the $1.6155 swing low to the $2.6541 high. However, the bulls were active near the $2.10 support zone.
XRP price is now consolidating and seems to be facing a couple of important hurdles to a fresh increase, like Bitcoin and Ethereum. There is also a key declining channel or a possible bullish flag pattern forming with resistance at $2.260 on the daily chart.
Immediate resistance on the upside sits near the $2.250 level and the 50-day simple moving average (blue). The first major resistance is near the $2.320 level. A close above the $2.320 level could open the doors for another surge.
In the stated case, the price could rise toward the $2.450 level. The next resistance is near the $2.650 level, above which the price could accelerate higher toward the $2.80 resistance. Any more gains might open the doors for a move toward the $3.00 zone.
Downside Continuation?
Conversely, XRP price might fail to clear the $2.250 resistance and start another decline. Immediate support is near the $2.1350 level. The first major support sits near the $2.10 level.
The next major support is near the $2.020 level and the 61.8% Fib retracement level of the upward wave from the $1.6155 swing low to the $2.6541 high. A daily close below the $2.020 level could spark another major decline. In the stated case, the bears might aim for a move toward the $1.860 support.
If the bulls fail to protect the $1.860 level, the price could even decline below the $1.80 zone in the medium term. The main support could be $1.650, below which the price could drop to $1.40 and the 1.236 Fib extension level of the upward wave from the $1.6155 swing low to the $2.6541 high.
Overall, XRP price is consolidating above the $2.020 support zone. If the bulls remain active and clear the $2.250 resistance, the price could start another increase and clear $2.320.