XRP price started another round of decline below the $2.350 area. The price retested the support area of $2.20 and is currently trying to bounce back.
XRP price started to decline again from the $2,720 area.
Currently, the price is below $2.50 and the 100-hour simple moving average.
On the hourly chart of XRP/USD, a bearish trend line has formed with a resistance level at $2.45 (data source from Kraken).
If it breaks above the resistance level of $2.40, the currency pair may start to rise again.
XRP price fell to $2.20
XRP price failed to break the level of $2.50 and started another round of decline, just like Bitcoin and Ethereum. It dropped below the levels of $2.45 and $2.40.
The price dropped over 5%, breaking below the support level of $2.320. Ultimately, the price spiked below the support level of $2.20. The price low formed at $2.171, and is currently correcting the losses. The price broke above the level of $2.250.
The price broke above the 23.6% Fibonacci retracement level from the $2.720 swing high to the $2.171 swing low. Currently, the price is below $2.50 and the 100-hour simple moving average.
On the upside, the price may face resistance near $2.40. The first major resistance level is around $2.450. On the hourly chart of XRP/USD, a bearish trend line has also formed with a resistance level at $2.45. This trend line is close to the 50% Fibonacci retracement level of the downward move from the $2.720 swing high to the $2.171 swing low.
The next resistance level is $2.50. If there is a clear breakout above the resistance level of $2.50, the price may drop towards the resistance level of $2.55. If the price rises further, it may drop towards the resistance level of $2.620 in the short term, or even $2.80. The next major obstacle for the bulls may be $3.00.
Is there support for the decline?
If XRP fails to break the resistance area of $2.40, it may drop again. The initial support level on the downside is near $2.25. The next major support level is around $2.20.
If there is a downward breakout and closes below $2.20, the price may continue to drop to the support level of $2.050. The next major support level is near the $2.00 area.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is currently losing momentum 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.