XRP price started a fresh decline from the $2.50 resistance zone. The price is now recovering and might face resistance near the $2.42 level.
- XRP price started a fresh decline after it failed to clear the $2.50 resistance zone.
- The price is now trading below $2.420 and the 100-hourly Simple Moving Average.
- There was a break below a connecting bullish trend line with support at $2.440 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might extend losses if it breaks the $2.350 support zone.
XRP Price Dips Again
XRP price failed to continue higher above the $2.50 resistance zone and reacted to the downside, similar to other leading cryptocurrencies like Bitcoin and Ethereum. The price declined below the $2.42 and $2.40 levels.
There was a break below a connecting bullish trend line with support at $2.440 on the hourly chart of the XRP/USD pair. The pair even spiked below $2.35, forming a low at $2.329 before beginning to recover some losses with movement above $2.38.
The price surpassed the 23.6% Fib retracement level of the recent decline from the $2.478 swing high to the $2.329 low. Currently, the price is trading below $2.40 and the 100-hourly Simple Moving Average.
On the upside, XRP price may face resistance near the $2.40 level, as well as at the 50% Fib retracement level from the recent decline. The initial major resistance is located near the $2.420 level, followed by a further resistance at $2.450.
A decisive move above the $2.450 resistance could propel the price toward the $2.50 range. If further gains are made, the price might test the $2.620 resistance or even approach the $2.6650 level in the near term. Moreover, the next major hurdle for XRP bulls could be at the $2.80 mark.
More Losses?
If XRP fails to clear the $2.420 resistance zone, another decline could be on the horizon. Initial support lies near the $2.350 level or along the trend line. The next significant support sits around $2.320.
A break and a close below the $2.320 level could lead to a further decline toward the $2.20 support level, with another major support area located near the $2.150 zone.
Technical Indicators
Hourly MACD: The MACD for XRP/USD is losing momentum in the bearish zone.
Hourly RSI (Relative Strength Index): The RSI for XRP/USD is currently below the 50 level.
Major Support Levels: $2.350 and $2.320.
Major Resistance Levels: $2.420 and $2.450.
