XRP price failed to extend gains above the $2.40 zone. The price is down over 10% and might even decline toward the $2.00 support zone.
XRP price started a downside correction from the $2.50 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 $2.26 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair might start another increase if it clears the $2.32 resistance.
XRP Price Dips Again
XRP price failed to start a fresh increase above the $2.50 resistance zone. It started a fresh decline below the $2.35 level like Bitcoin and Ethereum. There was a move below the $2.30 and $2.25 levels.
The price even dived below the $2.20 support. A low was formed at $1.989 and the price is now correcting some losses. There was a move above the $2.20 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $2.64 swing high to the $1.98 low.
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 $2.250 level.
There is also a connecting bearish trend line forming with resistance at $2.26 on the hourly chart of the XRP/USD pair. The next resistance is at $2.30 or the 50% Fib retracement level of the downward move from the $2.64 swing high to the $1.98 low. A clear move above the $2.30 resistance might send the price toward the $2.350 resistance.
Any more gains might send the price toward the $2.40 resistance or even $2.420 in the near term. The next major hurdle for the bulls might be $2.550.
More Losses?
If XRP fails to clear the $2.250 resistance zone, it could start another decline. Initial support on the downside is near the $2.050 level. The next major support is near the $2.00 level.
If there is a downside break and a close below the $2.00 level, the price might continue to decline toward the $1.880 support. The next major support sits near the $1.750 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 – $2.0500 and $2.0000.
Major Resistance Levels – $2.2500 and $2.3000.
