XRP price started a major decline below the $3.00 zone. The price is down over 25% and there was a spike below the $2.00 support zone.
- XRP price started a fresh decline below the $2.80 and $2.50 levels.
- The price is now trading below $2.60 and the 100-hourly Simple Moving Average.
- There is a connecting bearish trend line forming with resistance at $2.45 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might start a fresh increase if it clears the $2.50 resistance zone.
XRP Price Eyes Recovery
XRP price started a fresh decline below the $3.00 zone, like Bitcoin and Ethereum. The price declined heavily below the $2.80 and $2.50 support levels. The bears even pushed it below $2.00.
There was a sharp drop of over 25% and the price tested the $1.75 zone. A low was formed at $1.75 and the price is now correcting some losses. There was a move above the $2.00 level. The price surpassed the 23.6% Fib retracement level of the downward move from the $3.155 swing high to the $1.750 low.
The price is now trading below $2.750 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $2.30 level. The first major resistance is near the $2.40 level.
The next resistance is $2.450. There is also a connecting bearish trend line forming with resistance at $2.45 on the hourly chart of the XRP/USD pair. It is close to the 50% Fib retracement level of the downward move from the $3.155 swing high to the $1.750 low.
