XRP Price Slips After Rally — Bulls Still in Play or Fading Fast?

XRP price started a fresh increase above the $2.220 zone. The price is now correcting gains and might find bids near the $2.150 support zone.

• XRP price started a fresh increase above the $2.20 zone.

• The price is now trading above $2.20 and the 100-hourly Simple Moving Average.

• There was a break below a connecting bullish trend line with support at $2.220 on the hourly chart of the XRP/USD pair (data source from Kraken).

• The pair might correct lower and test the $2.150 support zone.

XRP Price Corrects Gains

XRP price started a decent upward wave above the $2.10 and $2.120 resistance levels, like Bitcoin and Ethereum. The price traded above the $2.20 and $2.220 levels to start a decent increase.

The bulls even pushed the price above $2.250 before the bears appeared. A high was formed at $2.299 and the price started a downside correction. There was a move below the $2.220 and $2.2120 support levels. The price even traded below the 23.6% Fib retracement level of the upward move from the $2.060 swing low to the $2.299 high.

There was a break below a connecting bullish trend line with support at $2.220 on the hourly chart of the XRP/USD pair. The price is now trading above $2.20 and the 100-hourly Simple Moving Average.

On the upside, the price might face resistance near the $2.220 level. The first major resistance is near the $2.2440 level. The next resistance is $2.30. A clear move above the $2.30 resistance might send the price toward the $2.350 resistance. Any more gains might send the price toward the $2.450 resistance or even $2.50 in the near term. The next major hurdle for the bulls might be $2.620.

More Downsides?

If XRP fails to clear the $2.220 resistance zone, it could start another decline. Initial support on the downside is near the $2.20 level. The next major support is near the $2.180 level and the 50% Fib retracement level of the upward move from the $2.060 swing low to the $2.2990 high.

If there is a downside break and a close below the $2.180 level, the price might continue to decline toward the $2.150 support. The next major support sits near the $2.120 zone.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.

Major Support Levels – $2.180 and $2.150.

Major Resistance Levels – $2.220 and $2.450.