XRP price recovery appears fragile—can bulls break through the price ceiling?

XRP price started a rebound above $1.90. The price is currently consolidating and may find it difficult to break through the $2.00 resistance level.

• XRP price started a rebound above the $1.9050 area.
• The price is currently below $2.00 and the 100-hour simple moving average.
• A descending trend line is forming on the XRP/USD hourly chart, with resistance at $1.9520 (data source: Kraken).
• If the pair stabilizes above $2.00, it may continue to rise.

XRP Price Faces Resistance

XRP price found support above $1.850 and started a rebound, just like bitcoin and ethereum prices, successfully climbing above $1.880 and $1.90 (UTC+8), entering a short-term upward range.

The price once broke through the 23.6% Fibonacci retracement level of the decline from the $2.047 high to the $1.850 low. Bears held the $1.950 closing price, after which the price pulled back. On the XRP/USD hourly chart, a bearish trend line is forming with resistance near $1.9520.

Currently, the price is below $1.950 (UTC+8) and the 100-hour simple moving average. If a new upward move occurs, the price may face resistance near $1.950 (UTC+8) and at the trend line. This position coincides with the 50% Fibonacci retracement level of the decline from the $2.047 high to the $1.850 low.

The first major resistance is near $2.00 (UTC+8). If the closing price is above $2.00 (UTC+8), the price may rise to $2.050 (UTC+8). The next resistance is at $2.120 (UTC+8). If the price effectively breaks through the $2.120 (UTC+8) resistance, it may move toward the $2.20 (UTC+8) resistance. If the price continues to rise, it may move toward the $2.220 (UTC+8) resistance. The next major resistance for the bulls may be near $2.250 (UTC+8).

Another Wave?

If XRP fails to break through the $2.00 (UTC+8) resistance, it may start a new round of decline. The initial support on the downside is near $1.90 (UTC+8). The next major support is near $1.850 (UTC+8).

If the price falls below the $1.850 (UTC+8) level and closes below it, it may continue to drop to $1.820 (UTC+8). The next major support is near $1.80 (UTC+8), and if this support is broken, the price may continue to test $1.7650 (UTC+8).

Technical Indicators

Hourly MACD indicator — The MACD for XRP/USD is currently slowing down in the bearish zone.

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

Main support levels — $1.90 (UTC+8) and $1.850 (UTC+8).

Main resistance levels — $1.950 (UTC+8) and $2.00 (UTC+8).