XRP price struggled to continue higher above the $2.720 zone and recently corrected gains. The price is moving lower and might struggle to stay above $2.2650.
- XRP price started a fresh decline after it failed to clear the $2.780 level.
- The price is now trading below $2.50 and the 100-hourly Simple Moving Average.
- There is a connecting bearish trend line forming with resistance at $2.4650 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 Dips Again
XRP price started a recovery wave above the $2.250 support zone, like Bitcoin and Ethereum. The price gained pace for a move above the $2.450 and $2.500 resistance levels.
The bulls pumped the price above the $2.70 level. However, the bears remained active near the $2.80 level. A high was formed at $2.780 and the price is now moving lower. There was a move below the $2.50 level. The price dropped toward the 50% Fib retracement level of the upward wave from the $1.7501 swing low to the $2.7750 high.
The price is now trading below $2.50 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $2.450 level. There is also a connecting bearish trend line forming with resistance at $2.4650 on the hourly chart of the XRP/USD pair.
The first major resistance is near the $2.50 level. The next resistance is $2.60. A clear move above the $2.60 resistance might send the price toward the $2.780 resistance. Any more gains might send the price toward the $2.880 resistance or even $2.920 in the near term. The next major hurdle for the bulls might be $3.00.
More Losses?
If XRP fails to clear the $2.50 resistance zone, it could start another decline. Initial support on the downside is near the $2.2650 level. The next major support is near the $2.1420 level or the 61.8% Fib retracement level of the upward wave from the $1.7501 swing low to the $2.7750 high.
If there is a downside break and a close below the $2.1420 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 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 – $2.260 and $2.1420.
Major Resistance Levels – $2.50 and $2.60.
