XRP price started a fresh decline below the $2.90 zone. The price is now showing bearish signs and might decline again below the $2.780 zone.
XRP price is moving lower below the $2.90 support zone.
The price is now trading below $2.880 and the 100-hourly Simple Moving Average.
There is a bearish trend line forming with resistance at $2.90 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could continue to move down if it dips below $2.780.
XRP Price At Risk of Another Decline
XRP price failed to stay above the $3.00 pivot level and started a fresh decline, like Bitcoin and Ethereum. The price dipped below the $2.920 and $2.90 support levels.
The bears even pushed the price below $2.80. A low was formed near the $2.678 support, and the price recently started a recovery wave. There was a move above the 23.6% Fib retracement level of the recent decline from the $3.138 swing high to the $2.678 low.
However, the bears are active near the $2.90 resistance. The price is now trading below $2.90 and the 100-hourly Simple Moving Average. Besides, there is a bearish trend line forming with resistance at $2.90 on the hourly chart of the XRP/USD pair.
On the upside, the price might face resistance near the $2.880 level. The first major resistance is near the $2.90 level and the trend line. It is close to the 50% Fib retracement level of the recent decline from the $3.138 swing high to the $2.678 low.
A clear move above the $2.90 resistance might send the price toward the $2.950 resistance. Any more gains might send the price toward the $3.00 resistance. The next major hurdle for the bulls might be near $3.120.
Another Decline?
If XRP fails to clear the $2.90 resistance zone, it could continue to move down. Initial support on the downside is near the $2.780 level. The next major support is near the $2.7150 level.
If there is a downside break and a close below the $2.7150 level, the price might continue to decline toward $2.650. The next major support sits near the $2.60 zone, below which the price could gain bearish momentum.
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 – $2.780 and $2.7150.
Major Resistance Levels – $2.90 and $2.950.
