XRP price started a fresh decline below the $2.20 zone. The price is now consolidating and might aim for a recovery wave above the $2.120 resistance.
- XRP price started a fresh decline below the $2.20 zone.
- The price is now trading above $2.150 and the 100-hourly Simple Moving Average.
- There was a break below a key bullish trend line with support at $2.192 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might start another increase if it clears the $2.120 resistance zone.
XRP Price Dips To Support
XRP price failed to gain pace for a move above the $2.220 level and started a fresh decline, similar to Bitcoin and Ethereum. A decline occurred below the $0.2150 and $0.2120 levels.
Furthermore, there was a break below a key bullish trend line with support at $2.192 on the hourly chart of the XRP/USD pair. Ultimately, the price tested the $2.050 zone and is now consolidating losses below the 23.6% Fibonacci retracement level of the downward move from the $2.281 swing high to the $2.056 low.
The price is currently trading below $2.120 and the 100-hourly Simple Moving Average. On the upside, the price may encounter resistance near the $2.120 level. The first major resistance lies near the $2.150 level, followed by $2.1750, which is near the 50% Fibonacci retracement level of the downward movement from the $2.281 swing high to the $2.056 low.
A decisive movement above the $2.1750 resistance could propel the price towards the $2.20 level. Should the upward momentum continue, XRP could target resistance at $2.220 or even reach $2.2420 in the near future. The next significant hurdle for bullish traders appears to be $2.250.
Potential for Further Losses
If XRP fails to surpass the $2.15 resistance zone, it may initiate another decline. Initial support on the downside is situated around the $2.050 level, with the next critical support near $2.020.
Should a downside breach occur and the price close below the $2.020 level, XRP might continue to decline, with the next support target being $2.00. An additional support area to watch lies around the $1.920 zone.
Technical Indicators
Hourly MACD: The MACD for XRP/USD is presently gaining traction in the bearish zone.
Hourly RSI (Relative Strength Index): The RSI for XRP/USD is now trading below the 50 level.
Major Support Levels: $2.050 and $2.020.
Major Resistance Levels: $2.120 and $2.150.
