XRP price started a fresh decline below the $2.280 zone. The price is now correcting losses and might aim for a move above the $2.250 resistance.
- XRP price started a fresh decline below the $2.280 zone.
- The price is now trading below $2.270 and the 100-hourly Simple Moving Average.
- There is a key bearish trend line forming with resistance at $2.270 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might start another decline if it fails to clear the $2.2440 level.
XRP Price Dips Further
XRP price failed to clear the $2.3550 resistance and subsequently began a decline similar to trends observed in Bitcoin and Ethereum. Notably, XRP fell below both the $2.300 and $2.280 support levels.
The price dropped below the critical $2.220 support level, ultimately forming a low at $2.2132. Currently, the price is consolidating losses and has made a minor recovery above the $2.220 mark. This movement crossed the 23.6% Fibonacci retracement level of the downward wave from the $2.3540 swing high to the $2.2132 low.
The price is now trading beneath $2.30 and the 100-hourly Simple Moving Average. On the upside, resistance is expected near the $2.2440 level, which aligns with the 50% Fibonacci retracement level of the downward wave from the $2.3540 swing high to the $2.2132 low.
The primary resistance looms at the $2.270 mark, coinciding with a significant bearish trend line visible on the hourly chart for the XRP/USD pair.
In the event of a significant upward move, surpassing the $2.30 resistance could see XRP targeting $2.320, with potential continuations toward $2.350 and even $2.3650 in the near future. The next significant challenge for bullish momentum may be located around the $2.420 mark.
Another Drop?
Should XRP encounter difficulties in overcoming the $2.270 resistance zone, a subsequent decline may occur. Initial support on the downside is situated around the $2.180 level, while the next critical support lies near the $2.160 level.
A breakdown and close beneath the $2.160 level could lead to further declines toward the $2.120 support level, with additional major support found at approximately $2.080.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD stands below the 50 level.
Major Support Levels: $2.180 and $2.160.
Major Resistance Levels: $2.2440 and $2.270.
