XRP Price Action Tightens — Breakout Looms to The Upside

XRP price started a fresh decline below the $2.20 zone.

The price is now consolidating losses and might recover if it clears the $2.20 hurdle.

XRP price started a fresh decline below the $2.150 zone.

The price is now trading below $2.20 and the 100-hourly Simple Moving Average.

There is a contracting triangle forming with resistance at $2.170 on the hourly chart of the XRP/USD pair (data source from Kraken).

The pair might start a fresh increase if there is a close above the $2.20 resistance zone.

XRP Price Eyes Upside Break XRP price reacted to the downside below the $2.20 support zone, like Bitcoin and Ethereum .

The price declined below the $2.180 and $2.150 support levels.

The pair tested the $2.120 support A low was formed at $2.120 and the price started to trade in a range.

There was a minor recovery wave above the 23.6% Fib retracement level of the downward move from the $2.335 swing high to the $2.120 low.

The price is now trading below $2.20 and the 100-hourly Simple Moving Average.

On the upside, the price might face resistance near the $2.170 level.

There is also a contracting triangle forming with resistance at $2.170 on the hourly chart of the XRP/USD pair.

The first major resistance is near the $2.20 level.

The next resistance is $2.2280 or the 50% Fib retracement level of the downward move from the $2.335 swing high to the $2.120 low.

A clear move above the $2.2280 resistance might send the price toward the $2.250 resistance.

Any more gains might send the price toward the $2.2850 resistance or even $2.320 in the near term.

The next major hurdle for the bulls might be $2.350. Another Drop? If XRP fails to clear the $2.20 resistance zone, it could start another decline.

Initial support on the downside is near the $2.1450 level.

The next major support is near the $2.120 level.

If there is a downside break and a close below the $2.120 level, the price might continue to decline toward the $2.050 support.

The next major support sits near the $2.00 zone.

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 – $2.1450 and $2.120. Major Resistance Levels – $2.170 and $2.20..

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