XRP price started a new decline below the $2.350 zone. The price has retested the $2.20 support zone and is currently attempting a wave of recovery.
XRP price started a new decline from the $2.720 zone. The price is currently trading below $2.50 and the 100-hour simple moving average. There is a connecting bearish trend line forming resistance at $2.45 on the hourly chart of the XRP/USD pair (data source is Kraken). If the pair clears the $2.40 resistance, the pair could start to move higher.
XRP price plummets to $2.20
XRP price, like Bitcoin and Ethereum, failed to move above the $2.50 level and start a new rally and started a new decline. There was a move below the $2.45 and $2.40 levels.
The price fell more than 5% and even moved below the support at $2.320. Finally, the price surged below the $2.20 support. A low was formed at $2.171 and the price is currently correcting losses. There was a move above the $2.250 level.
Price cleared the 23.6% Fib retracement level of the decline from the swing high of $2.720 to the low of $2.171. The price is currently trading below $2.50 and the 100-hour simple moving average.
On the upside, the price may face resistance near the $2.40 level. The first major resistance level is near the $2.450 level. There is also a connecting bearish trend line forming resistance at $2.45 on the hourly chart of the XRP/USD pair. The trendline is near the 50% Fib retracement level of the swing high of $2.720 to the low of $2.171.
The next resistance level is $2.50. If there is a clear break above the $2.50 resistance, the price could head towards the $2.55 resistance. Any further gains could send the price heading towards the $2.620 resistance level or even $2.80 in the near term. The next big hurdle for bulls could be $3.00.
Are dips supported?
If XRP fails to break out of the $2.40 resistance zone, further declines could begin. The first support on the downside is near the $2.25 level. The next major support is around the $2.20 level.
If there is a downside break and it closes below the $2.20 level, the price may continue to fall towards the support at $2.050. The next major support is near the $2.00 zone.
technical indicators
Hourly MACD – The XRP/USD MACD is currently losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI of XRP/USD is currently below the 50 level.
Major support levels – $2.20 and $2.050.
Key resistance levels – $2.40 and $2.450.
