XRP price started a fresh decline from the $3.00 resistance. The price is up down over 20% and might extend losses below the $2.20 support.
- XRP price started a fresh decline from the $3.00 zone.
- The price is now trading below $2.50 and the 100-hourly Simple Moving Average.
- There was a break below a connecting bullish trend line with support at $2.40 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might continue to move down if it breaks the $2.20 support zone.
XRP Price Reverses
XRP price rallied above the $2.50 and $2.80 levels before the bears appeared, like Bitcoin and Ethereum. The price failed to clear the $3.00 resistance and started a fresh decline.
There was a sharp move below the $2.80 and $2.60 levels. The price traded below the 50% Fib retracement level of the upward move from the $1.95 swing low to the $3.00 high. There was also a break below a connecting bullish trend line with support at $2.40 on the hourly chart of the XRP/USD pair.
The price is now trading below $2.40 and the 100-hourly Simple Moving Average. It is now finding bids just above the 76.4% Fib retracement level of the upward move from the $1.95 swing low to the $3.00 high.
On the upside, the price might face resistance near the $2.35 level. The first major resistance is near the $2.40 level. The next resistance is $2.4750. A clear move above the $2.4750 resistance might send the price toward the $2.620 resistance.
Any more gains might send the price toward the $2.700 resistance or even $2.750 in the near term. The next major hurdle for the bulls might be $2.80.
More Losses?
If XRP fails to clear the $2.40 resistance zone, it could start another decline. Initial support on the downside is near the $2.20 level. The next major support is near the $2.120 level.
If there is a downside break and a close below the $2.120 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 – $2.20 and $2.120.
Major Resistance Levels – $2.40 and $2.4750.
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