XRP Drops 7%: More Trouble on the Horizon?
After rising above $2.35, XRP has declined. Bearish signals point below $2.20 where the price has dropped by more than 5%.
XRP has once again dropped below $2,250.
The price is below $2.25 and the 100 hourly moving average.
XRP/USD broke below a crucial descending channel with support around $2.235 on the hourly chart (Kraken). If it holds above $2.120, the pair could rally again.
XRP is down again
Like Bitcoin and Ethereum, XRP failed to break above $2.35 and fell. There was a significant drop below $2.30 and $2.50.
Additionally, the hourly chart of XRP/USD broke below a crucial descending channel with support around $2.235. The pair declined by about 5% and tested $2.120. The price is consolidating losses after the $2.126 low.
Recovered and surpassed $2.15. Challenged the 23.6% Fib retracement of the recent decline from the $2.348 high to $2.126 low. The price is below $2.25 and the 100 hourly moving average.
The price could find resistance at $2.18 on the upside. Near $2.20 is the first major resistance. The next hurdle is $2.24, the 50% Fib retracement of the recent decline from the $2.348 high to $2.126 low. A clean break above $2.24 could push the market near $2.30.
Further gains could push the price towards $2,320 or $2,350. Bulls could face $2,450 after that.
More losses?
XRP could fall again if it fails to break $2.24. Around $2.12 is the first bearish support. Near $2.10 is the next important support.
If the price breaks down and closes below $2.10, it could drop below $2.050. Near $2.00 is the next important support.
Technical indicators
The hourly MACD indicator for XRP/USD is moving bearish.
The hourly RSI for XRP/USD is below 50.
Key support levels: $2.120, $2.100.
Two major resistance levels: $2,180 and $2,240.