XRP price started a downside correction below the $2.20 zone. The price is now declining and might extend losses toward the $2.020 level.
- XRP price started a fresh decline below the $2.20 zone.
- The price is now trading below $2.180 and the 100-hourly Simple Moving Average.
- There is a key bearish trend line forming with resistance near $2.1750 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might start another increase if there is a close above the $2.20 resistance.
XRP Price Dips Further
XRP price failed to continue higher above $2.25 and started a downside correction, like Bitcoin and Ethereum. The price declined below the $2.20 and $2.180 support levels.
The bears even pushed the price below the $2.120 support zone. A low was formed at $2.095 and the price is now consolidating losses. It is trading below the 23.6% Fib retracement level of the downward move from the $2.2579 swing high to the $2.095 low.
The price is now trading below $2.180 and the 100-hourly Simple Moving Average. Besides, there is a key bearish trend line forming with resistance near $2.1750 on the hourly chart of the XRP/USD pair.
On the upside, the price might face resistance near the $2.1320 level. The first major resistance is near the $2.1750 level and the 50% Fib retracement level of the downward move from the $2.2579 swing high to the $2.095 low.
The next resistance is $2.1950. A clear move above the $2.1950 resistance might send the price toward the $2.220 resistance. Any more gains might send the price toward the $2.250 resistance or even $2.30 in the near term. The next major hurdle for the bulls might be $2.320.
More Losses?
If XRP fails to clear the $2.1750 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 $2.080 level.
If there is a downside break and a close below the $2.080 level, the price might continue to decline toward the $2.050 support. The next major support sits near the $2.020 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 $2.080.
Major Resistance Levels – $2.1320 and $2.1950.
