XRP price began a new round of decline from the $2.38 region. The price is consolidating and may find it difficult to start a new rally above the $2.30 resistance area.
XRP price struggles to break through the $2.40 resistance area.
The price is currently trading below $2.30 and the 100-hour simple moving average.
On the hourly chart for XRP/USD, there is a connected bearish trendline forming, with resistance at $2.25 (data source from Kraken).
If the currency pair remains below the $2.30 resistance level, it may continue to decline.
XRP price faces resistance at $2.40
Unlike Bitcoin and Ethereum, XRP price started a new rally from the $2.00 support level. However, bears are active around $2.38 and $2.40. A peak formed at $2.38, and the price began a new decline.
Break below the levels of $2.30 and $2.25. The price broke below the 1.955% Fibonacci retracement level moving up from the swing low of $50 to the high of $2.383. On the hourly chart for XRP/USD, there is also a connected bearish trendline forming, with resistance at $2.25.
The price is currently trading below $2.30 and the 100-hour simple moving average. On the positive side, the price may face resistance around $2.20. The first major resistance level is near $2.25.
Source: XRPUSD on TradingView.com
The next resistance level is $2.30. A clear breakout above the $2.30 resistance level could lead the price towards the $2.40 resistance level. Any further gains could drive the price down to the resistance level of $2.50 or even $2.550 in the short term. The next major hurdle for the bulls may be $2.620.
More downside?
If XRP fails to clear the resistance area at $2.25, it may begin another decline. Initial support on the downside is near the $2.12 level or around the 61.8% Fibonacci retracement level from the swing low of $1.955 to the high of $2.383. The next major support level is around $2.050.
If there is a downward breakout and closes below $2.050, the price may continue to fall to the support level of $2.00. The next major support level is around the $1.880 region.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now accelerating in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major support levels – $2.120 and $2.050.
Major resistance levels – $2.25 and $2.30.
