XRP price started a fresh decline below the $2.550 and $2.50 support levels. The price is now testing $2.250 and might continue to move down.
- XRP price started a fresh decline below the $2.50 level.
- The price is now trading below $2.50 and the 100-hourly Simple Moving Average.
- There is a key bearish trend line forming with resistance at $2.4880 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might continue to move down unless there is a close above the $2.50 resistance zone.
XRP Price Dips Below Support
XRP price failed to continue higher above the $2.75 resistance zone and started a fresh decline, like Bitcoin and Ethereum. There was a move below the $2.65 and $2.55 support levels.
The price even dipped below the $2.50 support to enter a bearish zone. A low was formed at $2.2310 and the price is now attempting to recover toward the 23.6% Fib retracement level of the downward wave from the $2.7450 swing high to the $2.2310 low.
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 $2.3250 level. The first major resistance is near the $2.40 level.
The next resistance is $2.4880 or the 50% Fib retracement level of the downward wave from the $2.7450 swing high to the $2.2310 low. There is also a key bearish trend line forming with resistance at $2.4880 on the hourly chart of the XRP/USD pair.
A clear move above the $2.4880 resistance might send the price toward the $2.550 resistance. Any more gains might send the price toward the $2.620 resistance or even $2.650 in the near term. The next major hurdle for the bulls might be $2.750.
More Losses?
If XRP fails to clear the $2.3250 resistance zone, it could start another decline. Initial support on the downside is near the $2.250 level. The next major support is near the $2.220 level.
If there is a downside break and a close below the $2.220 level, the price might continue to decline toward the $2.120 support. The next major support sits near the $2.050 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 – $2.220 and $2.120.
Major Resistance Levels – $2.40 and $2.4880.
