XRP price started a fresh decline below the $2.20 zone. The price is now showing a few bearish signs and might decline below the $2.050 level.
XRP price started a fresh decline after it failed to clear the $2.220 resistance zone.
The price is now trading below $2.150 and the 100-hourly Simple Moving Average.
There is a connecting bearish trend line forming with resistance at $2.1480 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair might extend losses if it breaks the $2.050 support zone.
XRP Price Dips Further
XRP price failed to continue higher above the $2.220 resistance zone and reacted to the downside, like Bitcoin and Ethereum. The price declined below the $2.20 and $2.120 levels.
The pair even tested the $2.080 zone. A low was formed at $2.081 and the price is now consolidating losses. The current price action is bearish below the 23.6% Fib retracement level of the recent decline from the $2.215 swing high to the $2.081 low.
The price is now trading below $2.150 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $2.150 level. There is also a connecting bearish trend line forming with resistance at $2.148 on the hourly chart of the XRP/USD pair. The trend line is near the 50% Fib retracement level of the recent decline from the $2.215 swing high to the $2.081 low.
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 $2.280 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 $2.15 resistance zone, it could start another decline. Initial support on the downside is near the $2.080 level. 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 – $2.080 and $2.050.
Major Resistance Levels – $2.150 and $2.20.
