XRP Price Sinks Lower, But Chart Whisperers See a Trap for The Bears

NewsBTC
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XRP price started a downside correction below the $2.50 zone. The price is now consolidating and might find bids near the $2.350 support zone.

  • XRP price started a fresh decline below the $2.550 zone.

  • The price is now trading below $2.50 and the 100-hourly Simple Moving Average.

  • There is a key bearish trend line forming with resistance at $2.420 on the hourly chart of the XRP/USD pair (data source from Kraken).

  • The pair might start another increase if it stays above the $2.350 support.

XRP Price Dips Further

XRP price started a downside correction from the $2.650 zone, like Bitcoin and Ethereum. The price dipped below the $2.60 and $2.55 levels to enter a short-term bearish zone.

The bears were able to push the price below the $2.50 support zone. Finally, the bulls appeared near $2.350. A low was formed at $2.348 and the price is now consolidating losses below the 23.6% Fib retracement level of the downward move from the $2.650 swing high to the $2.348 low.

The price is now trading below $2.50 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $2.420 level. There is also a key bearish trend line forming with resistance at $2.420 on the hourly chart of the XRP/USD pair.

The first major resistance is near the $2.450 level. The next resistance is $2.50 and the 50% Fib retracement level of the downward move from the $2.650 swing high to the $2.348 low.

XRP Price

A clear move above the $2.50 resistance might send the price toward the $2.60 resistance. Any more gains might send the price toward the $2.650 resistance or even $2.680 in the near term. The next major hurdle for the bulls might be $2.80.

More Losses?

If XRP fails to clear the $2.50 resistance zone, it could start another decline. Initial support on the downside is near the $2.350 level. The next major support is near the $2.320 level.

If there is a downside break and a close below the $2.320 level, the price might continue to decline toward the $2.20 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 bearish zone.

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

Major Support Levels – $2.350 and $2.320.

Major Resistance Levels – $2.420 and $2.50.

* The content presented above, whether from a third party or not, is considered as general advice only.  This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.

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