XRP Price Recovery Mode Engaged — Bulls Hunt An Upside Break
#StrategyBTCPurchase 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.