XRP price suffers 5% hit: will there be further declines ahead?

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XRP price falls again

The XRP price failed to break the $2.35 resistance and started a new round of decline, just like Bitcoin and Ethereum. The price fell sharply below the $2.30 and $2.50 support levels.

Moreover, on the hourly chart of the XRP/USD pair, the pair broke below the key descending channel with support at $2.235. The pair fell more than 5% and even tested the $2.120 area. A low was formed at $2.126 and the price is currently consolidating the losses.

It corrected some losses and climbed above $2.15. It tested the 23.6% Fibonacci retracement level of the recent decline from the $2.348 high to $2.126 low. The price is currently trading below $2.25 and the 100 hourly simple moving average.

On the upside, the price is likely to face resistance near $2.18. The first major resistance is near $2.20. The next resistance is at $2.24, which is the 50% Fibonacci retracement level of the recent decline from the $2.348 high to $2.126 low. If the price breaks above the $2.24 resistance, it could drop towards the $2.30 resistance.

Further gains could sink the price towards the $2.320 resistance or even $2.350 in the near term. The next major hurdle for the bulls could be $2.450.

If XRP fails to break above the $2.24 resistance zone, it is likely to decline again. An initial support on the downside is near $2.12. The next major support is near $2.10.

If there is a downside breakout and close below $2.10, the price might continue to fall towards the $2.050 support level. The next major support is near the $2.00 area.

Hourly MACD – The MACD for XRP/USD is currently 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 $2.100.

Major Resistance Levels – $2.180 and $2.240.

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