XRP price has initiated a downside correction from the $2.25 zone and is currently consolidating, facing resistance near the $2.20 mark.
- XRP price commenced a fresh decline from the $2.250 zone.
- The price is now trading below $2.20 and the 100-hourly Simple Moving Average.
- A new connecting bearish trend line is forming with resistance near $2.1950 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could initiate a new upward trend if a close is achieved above the $2.20 resistance.
XRP Price Dips Again
The XRP price has struggled to maintain stability above the $2.25 level, leading to a downside correction reminiscent of recent movements seen in Bitcoin and Ethereum. The price has fallen below both the $2.220 and $2.20 support thresholds.
Reaching a low of $2.132, the price is presently consolidating losses and trading close to the 23.6% Fibonacci retracement level of the downward movement from the $2.2579 swing high to the $2.1320 low. Furthermore, a new bearish trend line is emerging, indicating resistance near $2.1950 on the hourly XRP/USD chart.
Currently, XRP is trading below the $2.20 threshold and the 100-hourly Simple Moving Average. The price may encounter resistance near the $2.1780 level, with the primary resistance positioned at $2.20, coinciding with the 50% Fibonacci retracement level of the previous downward movement.
The next level of resistance is found at $2.220. A decisive move above this point could propel the price toward the $2.250 resistance. Should the positive momentum continue, XRP may reach the $2.320 resistance, and potentially even $2.350 in the near term, with a major obstacle for bullish sentiment set at $2.50.
More Losses Ahead?
If XRP is unable to breach the $2.20 resistance area, it could trigger further declines. The initial support zone on the downside is situated near the $2.1380 level, while the next significant support emerges at $2.1320.
A decisive breach and close beneath the $2.1320 mark might lead to continued decline, targeting the $2.080 support level. The next substantial support level lies in the vicinity of $2.050.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is currently exhibiting increasing bearish momentum.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now resting below the 50 threshold.
Major Support Levels – $2.1320 and $2.080.
Major Resistance Levels – $2.20 and $2.250.
