XRP Price Recovery Mode Engaged — Bulls Hunt An Upside Break

XRP price extended losses and traded below $1.5320. The price is now attempting to recover but faces hurdles near $1.6250 and $1.650.

• XRP price started a recovery wave from the $1.5250 zone.
• The price is now trading below $1.6220 and the 100-hourly Simple Moving Average.
• There is a key bearish trend line forming with resistance at $1.6250 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair could continue to move down if it stays below $1.6350.

XRP Price Recovery Faces Hurdles

XRP price failed to stay above $1.550 and extended its decline, like Bitcoin and Ethereum. The price declined below $1.5250 and $1.520 to enter a short-term bearish zone.

The price even spiked below $1.5120. A low was formed at $1.50, and the price is now attempting to recover. There was a move above the $1.550 level. The price already attempted to settle above the 23.6% Fib retracement level of the downward move from the $1.93 swing high to the $1.50 low but failed.

The price is now trading below $1.6220 and the 100-hourly Simple Moving Average. If there is a fresh upward move, the price might face resistance near the $1.6220 level. There is also a key bearish trend line forming with resistance at $1.6250 on the hourly chart of the XRP/USD pair.

The first major resistance is near the $1.650 level. A close above $1.650 could send the price to $1.7190 or the 50% Fib retracement level of the downward move from the $1.93 swing high to the $1.50 low. The next hurdle sits at $1.770. A clear move above the $1.770 resistance might send the price toward the $1.80 resistance. Any more gains might send the price toward the $1.8250 resistance. The next major hurdle for the bulls might be near $1.850.

Another Drop?

If XRP fails to clear the $1.6250 resistance zone, it could start a fresh decline. Initial support on the downside is near the $1.550 level. The next major support is near the $1.5250 level.

If there is a downside break and a close below the $1.5250 level, the price might continue to decline toward $1.50. The next major support sits near the $1.4650 zone, below which the price could continue lower toward $1.450.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now losing pace in the bearish zone.

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

Major Support Levels – $1.550 and $1.5250.

Major Resistance Levels – $1.6250 and $1.650.