XRP price failed to extend gains above the $2.40 zone. The price is down more than 10% and could even drop towards the $2.00 support zone.
- The XRP price started a downward correction from the USD 2.50 resistance zone.
- The price is now trading below $2.30 and the 100-hourly Simple Moving Average.
- A connecting bearish trendline is forming with resistance at $2.26 on the hourly chart of the XRP/USD pair (Kraken data source).
- The pair could rise again if it breaks the resistance at $2.32.
XRP price drops again
XRP price failed to start a fresh rise above the USD 2.50 resistance zone. It started a new decline below the USD 2.35 level, just like Bitcoin and Ethereum. There was a move below the USD 2.30 and USD 2.25 levels.
The price even dipped below the $2.20 support. A low was formed at $1,989 and the price is now correcting some losses. There was a move above the USD 2.20 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $2.64 swing high to the $1.98 low.
The price is now trading below $2.30 and the 100-hourly Simple Moving Average. On the upside, the price could encounter resistance near the USD 2.20 level. The first major resistance is around the $2,250 level.
A connecting bearish trendline is also forming with resistance at $2.26 on the hourly chart of the XRP/USD pair. The next resistance is at $2.30 or the 50% Fib retracement level of the downward move from the $2.64 swing high to the $1.98 low. A clear move above the USD 2.30 resistance could send the price towards the USD 2.350 resistance.
Any further gains could send the price towards the near-term resistance at $2.40 or even $2.420. The next big hurdle for the bulls could be $2,550.
Lose more?
If XRP fails to break the USD 2,250 resistance zone, it could trigger another decline. The initial downside support is near the $2,050 level. The next major support is near the $2.00 level.
If there is a downside break and a close below the $2.00 level, the price could continue falling towards the $1.880 support. The next major support is near the $1,750 zone.
Technical indicators
Hourly MACD – The MACD for XRP/USD is now gaining speed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major support levels – USD 2.0500 and USD 2.0000.
Major resistance levels – $2.2500 and $2.3000.
