XRP price was unable to extend its rise beyond the $2.40 zone. The price is down more than 10% and could even fall towards the $2.00 support zone.
XRP price started a downward correction from the $2.50 resistance zone. The price is currently trading below the 100-hour simple moving average at $2.30. There is a connecting bearish trend line forming resistance at $2.26 on the hourly chart of the XRP/USD pair (data source is Kraken). If the pair clears the resistance at $2.32, the pair could start moving higher.
XRP price falls again
XRP price failed to break above the $2.50 resistance zone and start a new rally. Similar to Bitcoin and Ethereum, a new decline began below the $2.35 level. There was a move below the $2.30 and $2.25 levels.
The price even fell below the $2.20 support. The low was formed at $1.989 and the price is currently correcting some losses. There was a move above the $2.20 level. Price rose above the 23.6% Fib retracement level of the decline from the swing high of $2.64 to the low of $1.98.
The price is currently trading below the 100-hour simple moving average at $2.30. On the upside, the price may face resistance near the $2.20 level. The first major resistance level is near the $2.250 level.
There is also a connecting bearish trend line forming resistance at $2.26 on the hourly chart of the XRP/USD pair. The next resistance level is $2.30, or the 50% fibritracement level of the decline from the swing high of $2.64 to the low of $1.98. If there is a clear break above the $2.30 resistance, the price could head towards the $2.350 resistance.
Any further gains could send the price heading towards the $2.40 resistance level or even $2.420 in the near term. The next big hurdle for the bulls could be $2.550.
Will there be more losses?
If XRP fails to break out of the $2.250 resistance zone, further decline could begin. Downside support is near $2.050. The next major support is around the $2.00 level.
If there is a downside break and it closes below the $2.00 level, the price could continue to fall towards the support at $1.880. The next major support is located near the $1.750 zone.
technical indicators
Hourly MACD – The XRP/USD MACD is currently pacing in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI of XRP/USD is currently below the 50 level.
Major support levels – $2.0500 and $2.0000.
Key resistance levels – $2.2500 and $2.3000.
