Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
XRP price started a downside correction below the $2.20 zone. The price is now declining and might extend losses toward the $2.020 level.
- XRP price started a fresh decline below the $2.20 zone.
- The price is now trading below $2.180 and the 100-hourly Simple Moving Average.
- There is a key bearish trend line forming with resistance near $2.1750 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might start another increase if there is a close above the $2.20 resistance.
XRP Price Dips Further
XRP price failed to continue higher above $2.25 and started a downside correction, like Bitcoin and Ethereum. The price declined below the $2.20 and $2.180 support levels.
The bears even pushed the price below the $2.120 support zone. A low was formed at $2.095 and the price is now consolidating losses. It is trading below the 23.6% Fib retracement level of the downward move from the $2.2579 swing high to the $2.095 low.
The price is now trading below $2.180 and the 100-hourly Simple Moving Average. Besides, there is a key bearish trend line forming with resistance near $2.1750 on the hourly chart of the XRP/USD pair.
On the upside, the price might face resistance near the $2.1320 level. The first major resistance is near the $2.1750 level and the 50% Fib retracement level of the downward move from the $2.2579 swing high to the $2.095 low.
The next resistance is $2.1950. A clear move above the $2.1950 resistance might send the price toward the $2.220 resistance. Any more gains might send the price toward the $2.250 resistance or even $2.30 in the near term. The next major hurdle for the bulls might be $2.320.
More Losses?
If XRP fails to clear the $2.1750 resistance zone, it could start another decline. Initial support on the downside is near the $2.10 level. The next major support is near the $2.080 level.
If there is a downside break and a close below the $2.080 level, the price might continue to decline toward the $2.050 support. The next major support sits near the $2.020 zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major Support Levels – $2.10 and $2.080.
Major Resistance Levels – $2.1320 and $2.1950.
