XRP price started a fresh increase above the $2.20 resistance. The price is now correcting gains and might find bids near the $2.050 zone.
- XRP price started a downside correction from the $2.250 resistance zone.
- The price is now trading below $2.120 and the 100-hourly Simple Moving Average.
- There was a break below a connecting bullish trend line with support at $2.140 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might extend losses if there is a close below the $2.050 support zone.
XRP Price Dips Again
XRP price started a fresh increase above the $1.980 resistance, like Bitcoin and Ethereum. The price climbed above the $2.020 and $2.050 resistance levels.
A high was formed at $2.244 and the price recently started a downside correction. There was a move below the $2.120 support zone. Besides, there was a break below a connecting bullish trend line with support at $2.140 on the hourly chart of the XRP/USD pair.
The price even spiked below the 50% Fib retracement level of the upward move from the $1.920 swing low to the $2.244 high. The price is now trading below $2.120 and the 100-hourly Simple Moving Average.
On the upside, the price might face resistance near the $2.120 level. The first major resistance is near the $2.180 level. The next resistance is $2.20. A clear move above the $2.20 resistance might send the price toward the $2.250 resistance. Any more gains might send the price toward the $2.320 resistance or even $2.350 in the near term. The next major hurdle for the bulls might be $2.50.
Another Decline?
If XRP fails to clear the $2.120 resistance zone, it could start another decline. Initial support on the downside is near the $2.050 level and the 61.8% Fib retracement level of the upward move from the $1.920 swing low to the $2.244 high. 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 $1.920 support. The next major support sits near the $1.840 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 – $2.050 and $2.00.
Major Resistance Levels – $2.120 and $2.180.
