XRP Will Fight Hard Before Any Downside Move
The price of XRP/USD surged past $0.2800, but could not continue over $0.2860. At the moment, the price is moving towards the downside to major support at $0.2700 and $0.2650.
In recent times, the price increased steadily from the $0.2650 support zone. It was able to break the $0.2800 barrier zone and the 100 hourly SMA.
Nevertheless, the buyers could not take the price to the barrier at $0.3000. It was able to form a swing high close to $0.2861 and in recent times started a new decline. It continued under $0.2800 and $0.2780 to move into a short-term declining territory.
A look at the hourly chart of the pair shows a break under a major bullish trend line with support close to $0.2760. The price is now well established under $0.2780 and the 100 hourly SMA.
A look at the downside reveals several supports close to $0.2700 and $0.2650. A look at the upside likewise shows that the 100 hourly simple moving average is the first barrier close to $0.2760. The initial major barrier is observed close to $0.2800 and a move over it could strengthen the buyers, possibly leading to $0.3000.
The failure of XRP to return to levels over $0.2800 could lead to a decline under $0.2700 support. The immediate major support is close to $0.2650 and $0.2640. The next support is close to $0.2680.
Generally, the price could extend its downside move in the short term, but there is likelihood of the price bouncing back from $0.2700 or $0.2650.
Featured image courtesy of Shutterstock. Source: Cryptopress.