The price of XRP has started to decline again from the zone of $2.38. The price is consolidating and may find it difficult to start a new rise above the resistance of $2.30.

  • The price of XRP is struggling to break through the resistance zone of $2.40.

  • The price is currently trading below $2.30 and the simple moving average of 100 hours.

  • There is a forming downtrend line with resistance at $2.25 on the hourly chart of the XRP/USD pair (data source from Kraken).

  • This currency pair may continue to decline if it holds below the resistance level of $2.30.

The price of XRP faces resistance at $2.40.

The price of XRP has started to rise again from the support level of $2.00, unlike Bitcoin and Ethereum. However, the bears are active near the levels of $2.38 and $2.40. A high was formed at $2.38 and the price has started to decline again.

There was a move below $2.30 and $2.25. The price fell below the 50% Fib retracement of the upward move from the low of $1.955 to the high of $2.383. Additionally, there is a connecting downtrend line forming with resistance at $2.25 on the hourly chart of the XRP/USD pair.

The price is currently trading below $2.30 and the 100-hour simple moving average. On the positive side, the price may encounter resistance near $2.20. The first major resistance level is near $2.25.

The next resistance level is $2.30. A clear move above the resistance of $2.30 could bring the price back to the resistance of $2.40. Any further increase may take the price to the resistance of $2.50 or even $2.550 in the near future. The next major barrier for the bulls could be $2.620.

Is there any more downside?

If XRP fails to break through the resistance zone of $2.25, it may begin another downward move. Initial support on the downside is near $2.12 or the 61.8% Fib retracement of the increase from the swing low of $1.955 to the high of $2.383. The next major support is near $2.050.

If there is a breakdown of the downtrend and closes below $2.050, the price may continue to decline towards the support of $2.00. The next major support is near the $1.880 region.

Technical indicators

  • Hourly MACD – The MACD for XRP/USD is currently accelerating in the bearish zone.

  • Hourly Relative Strength Index (RSI) – The RSI for XRP/USD is currently below 50.

  • Major support – $2.120 and $2.050.

  • Major resistance – $2.25 and $2.30.

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