Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
XRP price started a fresh decline below the $2.420 zone. The price is now showing a few bearish signs and might decline below the $2.30 level.
- XRP price started a fresh decline after it failed to clear the $2.420 resistance zone.
- The price is now trading below $2.40 and the 100-hourly Simple Moving Average.
- There is a connecting bearish trend line forming with resistance at $2.35 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might extend losses if it breaks the $2.30 support zone.
XRP Price Extends Losses
XRP price failed to continue higher above the $2.420 resistance zone and reacted to the downside, like Bitcoin and Ethereum. The price declined below the $2.40 and $2.35 levels.
The pair even tested the $2.30 zone. A low was formed at $2.301 and the price is now consolidating losses. The current price action is bearish below the 23.6% Fib retracement level of the recent decline from the $2.478 swing high to the $2.301 low.
The price is now trading below $2.38 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $2.35 level. There is also a connecting bearish trend line forming with resistance at $2.35 on the hourly chart of the XRP/USD pair.
The first major resistance is near the $2.3850 level or the 50% Fib retracement level of the recent decline from the $2.478 swing high to the $2.301 low. The next resistance is $2.420.
A clear move above the $2.420 resistance might send the price toward the $2.450 resistance. Any more gains might send the price toward the $2.50 resistance or even $2.550 in the near term. The next major hurdle for the bulls might be $2.620.
More Losses?
If XRP fails to clear the $2.40 resistance zone, it could start another decline. Initial support on the downside is near the $2.30 level. The next major support is near the $2.20 level.
If there is a downside break and a close below the $2.20 level, the price might continue to decline toward the $2.120 support. The next major support sits near the $2.050 zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major Support Levels – $2.30 and $2.20.
Major Resistance Levels – $2.40 and $2.420.
