XRP price started a fresh decline from the $2.38 zone. The price is consolidating and might struggle to start a fresh increase above the $2.30 resistance zone.
XRP price struggled to clear the $2.40 resistance zone.
The price is now trading below $2.30 and the 100-hourly Simple Moving Average.
There is a connecting bearish trend line forming with resistance at $2.25 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair might continue to move down if it stays below the $2.30 resistance.
XRP Price Faces Resistance At $2.40
XRP price started a fresh increase from the $2.00 support level, unlike Bitcoin and Ethereum. However, the bears were active near the $2.38 and $2.40 levels. A high was formed at $2.38 and the price started a fresh decline.
There was a move below the $2.30 and $2.25 levels. The price dipped below the 50% Fib retracement level of the upward move from the $1.955 swing low to the $2.383 high. There is also a connecting bearish trend line forming with resistance at $2.25 on the hourly chart of the XRP/USD pair.
The price is now trading below $2.30 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $2.20 level. The first major resistance is near the $2.25 level.
The next resistance is $2.30. A clear move above the $2.30 resistance might send the price toward the $2.40 resistance. Any more gains might send the price toward the $2.50 resistance or even $2.550 in the near term. The next major hurdle for the bulls might be $2.620.
More Downsides?
If XRP fails to clear the $2.25 resistance zone, it could start another decline. Initial support on the downside is near the $2.12 level or the 61.8% Fib retracement level of the upward move from the $1.955 swing low to the $2.383 high. The next major support is near the $2.050 level.
If there is a downside break and a close below the $2.050 level, the price might continue to decline toward the $2.00 support. The next major support sits near the $1.880 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 – $2.120 and $2.050.
Major Resistance Levels – $2.25 and $2.30.
