XRP price started a major decline below the $3.00 zone. The price is down over 25% and there was a spike below the $2.00 support zone.
- XRP price started a fresh decline below the $2.80 and $2.50 levels.
- The price is now trading below $2.60 and the 100-hourly Simple Moving Average.
- There is a connecting bearish trend line forming with resistance at $2.45 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might start a fresh increase if it clears the $2.50 resistance zone.
XRP Price Eyes Recovery
XRP price started a fresh decline below the $3.00 zone, like Bitcoin and Ethereum. The price declined heavily below the $2.80 and $2.50 support levels. The bears even pushed it below $2.00.
There was a sharp drop of over 25% and the price tested the $1.75 zone. A low was formed at $1.75 and the price is now correcting some losses. There was a move above the $2.00 level. The price surpassed the 23.6% Fib retracement level of the downward move from the $3.155 swing high to the $1.750 low.
The price is now trading below $2.750 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $2.30 level. The first major resistance is near the $2.40 level.
The next resistance is $2.450. There is also a connecting bearish trend line forming with resistance at $2.45 on the hourly chart of the XRP/USD pair. It is close to the 50% Fib retracement level of the downward move from the $3.155 swing high to the $1.750 low.
A clear move above the $2.450 resistance might send the price toward the $2.50 resistance. Any more gains might send the price toward the $2.650 resistance or even $2.720 in the near term. The next major hurdle for the bulls might be $3.00.
Another Decline?
If XRP fails to clear the $2.40 resistance zone, it could start another decline. Initial support on the downside is near the $2.10 level. The next major support is near the $2.00 level.
If there is a downside break and a close below the $2.00 level, the price might continue to decline toward the $1.850 support. The next major support sits near the $1.750 zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major Support Levels – $2.10 and $2.00.
Major Resistance Levels – $2.40 and $2.50.
