XRP Price Holds Above Support: Preparing for Next Move?

The price of XRP remained in the range below the $2.50 zone. The price is consolidating above the $2.150 level and may aim to rise above the $2.40 level again.

The XRP price began another decline and remained below the USD 2.40 level.
The price is currently below $2.40 and the 100-hour basic moving average.
A key bearish trend line is forming on the hourly chart of the XRP/USD pair with resistance at $2.38 (data source from Kraken).
The pair could start another rally if it breaks through the resistance at $2.40.

XRP price consolidates above support

XRP price began another decline after failing to break above the $2.50 resistance zone, unlike Bitcoin and Ethereum. There was a move below the $2.40 and $2.30 levels.

However, bulls remained vigorous above the recent low and support at $2.15. The price is currently rising and is above $2.20. It is testing the 23.6% Fib retracement level of the recent decline from a high of $2,866 to a low of $2,166.

The price is currently below $2.40 and the 100-hour basic moving average. On the other hand, the price may face resistance near the $2.35 level. A key bearish trend line is also forming on the hourly chart of the XRP/USD pair with resistance at $2.38.

The first major resistance is near the $2.40 level. The next resistance is $2.50. It is close to the 50% Fib retracement level of the recent decline from a high of $2,866 to a low of $2,166.

A clear move above the resistance at $2.50 could push the price towards the resistance at $2,650. Further gains could push the price towards the resistance level of $2.70 or even $2.850 in the near future. The next major hurdle for bulls could be the $3.00 price.

Another decline?

If XRP fails to break the resistance zone at $2,380, another decline could begin. Initial downside support is near the $2,200 level. The next crucial support is near the $2,150 level.

If there is a breakout to the downside and a close below the $2,150 level, the price could continue to fall towards the $2,050 support and the trend line. The next major support is near the $2.00 zone.

Technical indicators

Hourly MACD – The MACD for XRP/USD is currently losing momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently below the 50 level.

Major support levels – $2.2000 and $2.1500.

Major resistance levels – $2.3800 and $2.5000.