XRP price struggled to continue higher above the $2.75 zone and recently corrected gains. The price is moving lower and might struggle to stay above $2.250.
- XRP price started a fresh decline after it failed to clear the $2.80 level.
- 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 $2.50 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might start a fresh increase if it clears the $2.60 resistance zone.
XRP Price Moves Lower
XRP price started a recovery wave above the $2.20 support zone, like Bitcoin and Ethereum. The price gained pace for a move above the $2.250 and $2.400 resistance levels.
The bulls pumped the price above the $2.60 level. However, the bears remained active near the $2.75 level. A high was formed at $2.780 and the price is now moving lower. There was a move below the $2.560 level. The price dropped and tested the 50% Fib retracement level of the upward wave from the $1.750 swing low to the $2.780 high.
The price is now trading below $2.550 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $2.50 level. There is also a connecting bearish trend line forming with resistance at $2.50 on the hourly chart of the XRP/USD pair.
The first major resistance is near the $2.60 level. 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 $2.920 resistance or even $3.00 in the near term. The next major hurdle for the bulls might be $3.050.
More Losses?
If XRP fails to clear the $2.50 resistance zone, it could start another decline. Initial support on the downside is near the $2.260 level. The next major support is near the $2.1450 level or the 61.8% Fib retracement level of the upward wave from the $1.750 swing low to the $2.780 high.
If there is a downside break and a close below the $2.1450 level, the price might continue to decline toward the $2.00 support. The next major support sits near the $1.880 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 – $2.260 and $2.1450.
Major Resistance Levels – $2.50 and $2.60.
This articles is written by : Fady Askharoun Samy Askharoun
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