XRP price started to decline again below the $2.350 range. The price reconfirmed the $2.20 support area and is currently attempting a wave of recovery.
- XRP price started a fresh decline from the $2.720 range.
- The price is now trading below $2.50 and the 100-hourly simple moving average.
- A connecting bearish trend line is forming with resistance at $2.45 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair may start another uptrend if it clears the $2.40 resistance.
XRP price goes down to $2.20
XRP price failed to start a new rise above the $2.50 level and started a new decline, as Bitcoin and Ethereum. There was a move below the $2.45 and $2.40 levels.
The price was down more than 5% and there was a move below the $2.320 support. Finally, the price went up below the $2.20 support. A low was formed at $2.171 and the price is now correcting losses. The move went above the $2.250 level.
The price cleared the 23.6% Fib level of the downtrend from the $2.720 swing high to the $2.171 low. The price is now trading below $2.50 and the 100-hourly simple moving average.
On the upside, the price may face near the $2.40 level. The first major resistance is near the $2.450 level. There is also a connecting bearish trend line forming with resistance at $2.45 on the hourly chart of the XRP/USD pair. The trend line is near the 50% Fib level of the move down from the swing high to the $2.171 low.
The next resistance is $2.50. A clear move above the $2.50 resistance could send the price towards the $2.55 resistance. Any further gains could push the price towards the resistance of $2.620 or even $2.80 in the long term. $3.00 may be the next big hurdle for the bulls.
Are Dips supported?
If XRP fails to clear the $2.40 protection zone, it could start another decline. Initial support on the downside is near the $2.25 level. The next major support is near the $2.20 level.
If there is a breakdown and close below the $2.20 level, the price could continue to go down to the $2.050 support. The next major support is near the $2.00 area.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now losing momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Key Support Levels – $2.20 and $2.050.
Key Resistance Levels – $2.40 and $2.450.
