XRP price started a downside correction below the $2.480 zone. The price is now consolidating and might extend losses below the $2.320 support zone.
- XRP price started a fresh decline below the $2.520 zone.
- The price is now trading below $2.480 and the 100-hourly Simple Moving Average.
- There is a connecting bullish trend line forming with support at $2.3550 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might start another increase if it stays above the $2.350 support.
XRP Price Dips Again
XRP price attempted a fresh increase above the $2.350 zone, like Bitcoin and Ethereum. However, the bears were active near the $2.450 zone. A high was formed at $2.4495 and the price is now moving lower.
There was a drop below the $2.40 support level. The price dipped below the 50% Fib retracement level of the upward move from the $2.299 swing low to the $2.449 high. However, the bulls are now active near the $2.350 support.
There is also a connecting bullish trend line forming with support at $2.3550 on the hourly chart of the XRP/USD pair. The trend line is close to the 61.8% Fib retracement level of the upward move from the $2.299 swing low to the $2.449 high.
The price is now trading below $2.40 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $2.40 level. The first major resistance is near the $2.450 level.
The next resistance is $2.50. A clear move above the $2.50 resistance might send the price toward the $2.60 resistance. Any more gains might send the price toward the $2.650 resistance or even $2.680 in the near term. The next major hurdle for the bulls might be $2.80.
More Losses?
If XRP fails to clear the $2.450 resistance zone, it could start another decline. Initial support on the downside is near the $2.3550 level. The next major support is near the $2.320 level.
If there is a downside break and a close below the $2.320 level, the price might continue to decline toward the $2.20 support. The next major support sits near the $2.120 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 – $2.350 and $2.320.
Major Resistance Levels – $2.40 and $2.450.
