XRP Drops to Key Support: Can It Turnaround?
Below $2.350, XRP fell again. Price retested $2.20 support and is trying to rebound.
After $2.720, XRP fell again.
The price is below $2.50 and the 100-hour SMA.
On the hourly XRP/USD chart, a negative trend line connects to resistance at $2.45.
If $2.40 barrier is broken, the pair may rise again.
XRP Falls At $2.20, XRP price declined after failing to rise beyond $2.50, similar to Bitcoin and Ethereum. It fell below $2.45 and $2.40.
Price dropped almost 5% and fell below $2.320. Finally, the price broke $2.20. Price is reversing losses after a low of $2.171. Price rose over $2.250.
The price broke the 23.6% Fib retracement barrier of the $2.720 swing high to $2.171 low decline. The price is below $2.50 and the 100-hour SMA.
Price may find resistance at $2.40 on the upside. The first major resistance is near the $2.450 level. There is also a connecting bearish trend line forming with resistance at $2.45 on the hourly chart of the XRP/USD pair. The trend line is at the 50% Fib retracement level of the $2.720 swing high to $2.171 low decline.
The $2.50 resistance follows. A clear move above the $2.50 resistance might send the price toward the $2.55 resistance. Any more gains might send the price toward the $2.620 resistance or even $2.80 in the near term. $3.00 may be the bulls' next challenge.
Dips supported?
XRP may fall again if it fails to break $2.40. Initial support on the downside is near the $2.25 level. Near $2.20 is the next important support.
If there is a downside break and a close below the $2.20 level, the price might continue to decline toward the $2.050 support. The next major support sits near the $2.00 zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major Support Levels – $2.20 and $2.050.
Major Resistance Levels – $2.40 and $2.450.
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