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XRP price started a fresh decline below the $2.650 resistance. The price is now consolidating losses and might face resistance near the $2.550 zone.
- XRP price started a fresh decline below the $2.650 zone.
- The price is now trading above $2.40 and the 100-hourly Simple Moving Average.
- There is a short-term rising channel forming with support at $2.40 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might continue to move down if it remains below the $2.550 resistance zone.
XRP Price Faces Resistance
XRP price started a fresh decline from the $3.00 resistance, like Bitcoin and Ethereum. The price dipped below the $2.80 and $2.60 levels.
The bears were able to push the price below the 50% Fib retracement level of the upward move from the $1.95 swing low to the $3.00 high. Finally, the bulls appeared near the $2.20 support zone. A base is forming and the price is now attempting to recover above $2.30.
The price is now trading above $2.40 and the 100-hourly Simple Moving Average. There is also a short-term rising channel forming with support at $2.40 on the hourly chart of the XRP/USD pair.
On the upside, the price might face resistance near the $2.550 level. The first major resistance is near the $2.650 level. The next resistance is $2.750. A clear move above the $2.750 resistance might send the price toward the $2.80 resistance.
Any more gains might send the price toward the $2.880 resistance or even $2.920 in the near term. The next major hurdle for the bulls might be $3.00.
Another Decline?
If XRP fails to clear the $2.550 resistance zone, it could start another decline. Initial support on the downside is near the $2.40 level. The next major support is near the $2.320 level.
If there is a downside break and a close below the $2.320 level, the price might continue to decline toward the $2.20 support and the 76.4% Fib retracement level of the upward move from the $1.95 swing low to the $3.00 high. The next major support sits 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 above the 50 level.
Major Support Levels – $2.40 and $2.320.
Major Resistance Levels – $2.550 and $2.750.
