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XRP price is down from the $2.85 resistance zone. The price is showing a few bearish signs and must clear $2.650 to start a fresh increase.
- XRP price started a fresh decline below the $2.70 level.
- The price is now trading below $2.650 and the 100-hourly Simple Moving Average.
- There is a key bearish trend line forming with resistance at $2.620 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might start a fresh increase if it clears the $2.620 resistance zone.
XRP Price Dips Further
XRP price failed to gain pace for a move above the $2.850 level and started a fresh decline, like Bitcoin and Ethereum. The price dipped below the $2.720 and $2.70 levels.
There was also a move below the $2.60 support level. Finally, the price tested the $2.50 zone. A low was formed at $2.470 and the price is now consolidating losses near the 23.6% Fib retracement level of the downward move from the $2.832 swing high to the $2.470 low.
The price is now trading below $2.650 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $2.60 level. There is also a key bearish trend line forming with resistance at $2.620 on the hourly chart of the XRP/USD pair.
The first major resistance is near the $2.650 level or the 50% Fib retracement level of the downward move from the $2.832 swing high to the $2.470 low. The next resistance is $2.70.
A clear move above the $2.70 resistance might send the price toward the $2.80 resistance. Any more gains might send the price toward the $2.850 resistance or even $2.880 in the near term. The next major hurdle for the bulls might be $3.00.
Another Decline?
If XRP fails to clear the $2.650 resistance zone, it could start another decline. Initial support on the downside is near the $2.50 level. The next major support is near the $2.480 level.
If there is a downside break and a close below the $2.480 level, the price might continue to decline toward the $2.420 support. The next major support sits near the $2.350 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 – $2.50 and $2.480.
Major Resistance Levels – $2.60 and $2.650.
