The XRP price failed to surpass $2.50 and corrected some gains. The price is now consolidating and targeting a fresh rise above the USD 2.40 resistance.
- XRP price is struggling to gain pace for a move above the $2.40 zone.
- The price is now trading below $2,350 and the 100-hourly Simple Moving Average.
- There was a break below a short-term ascending channel with support at $2,390 on the hourly chart of the XRP/USD pair (Kraken data source).
- The pair could start a new rise if it remains above the $2,250 support.
XRP price drops below $2.32
XRP price failed to extend gains above the USD 2.48 and USD 2.50 resistance levels. The price responded to the negatives, but the losses were limited compared to Bitcoin and Ethereum. There was a move below the support levels at $2.40 and $2.32.
Furthermore, there was a break below a short-term ascending channel with support at $2,390 on the hourly chart of the XRP/USD pair. The last swing low was formed at $2.26, and the price is now consolidating. There was a move above the $2.32 level. The price crossed the 23.6% Fib retracement level from the recent decline from the $2.47 swing high to the $2.26 low.
The price is now trading below $2,350 and the 100-hourly Simple Moving Average. On the upside, the price could face resistance near the $2.365 level or the 50% Fib retracement level from the recent decline from the $2.47 swing high to the $2.26 low.
The first major resistance is around the $2.40 level. The next resistance is $2.42. A clear move above the USD 2.42 resistance could send the price towards the USD 2.50 resistance. Any further gains could send the price towards the near-term resistance at USD 2.650 or even USD 2.6650. The next major hurdle for the bulls could be $2,720.
Lose more?
If XRP fails to break the USD 2,350 resistance zone, it could trigger another decline. The initial downside support is near the $2,300 level. The next major support is near the $2,250 level.
If there is a downside break and a close below the $2.250 level, the price could continue falling towards the $2.20 support. The next major support is near the $2,120 zone.
Technical indicators
Hourly MACD – The MACD for XRP/USD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major support levels – USD 2.30 and USD 2.250.
Major resistance levels – $2.3650 and $2.400.
