XRP Price Rebound Faces Wall – Key Technicals Suggest Limited Upside Ahead

XRP price started a fresh decline below the $2.920 zone. The price is now showing bearish signs and might decline again below the $2.80 zone.

• XRP price is moving lower below the $2.920 support zone.
• The price is now trading below $2.90 and the 100-hourly Simple Moving Average.
• There is a bearish trend line forming with resistance at $2.920 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair could continue to move down if it dips below $2.80.

XRP Price Declines Sharply

XRP price failed to extend gains above $3.120 and started a fresh decline, like Bitcoin and Ethereum. The price dipped below the $3.00 and $2.920 support levels.

The bears even pushed the price below $2.80. A low was formed near the $2.678 support, and the price is now correcting some losses. There was a move above the 23.6% Fib retracement level of the recent decline from the $3.138 swing high to the $2.678 low.

The price is now trading below $2.90 and the 100-hourly Simple Moving Average. Besides, there is a bearish trend line forming with resistance at $2.920 on the hourly chart of the XRP/USD pair. If the bulls protect the $2.80 support, the price could attempt a steady recovery.

On the upside, the price might face resistance near the $2.90 level. The first major resistance is near the $2.920 level and the trend line. It is close to the 50% Fib retracement level of the recent decline from the $3.138 swing high to the $2.678 low.

A clear move above the $2.920 resistance might send the price toward the $3.00 resistance. Any more gains might send the price toward the $3.050 resistance. The next major hurdle for the bulls might be near $3.120.

Another Decline?

If XRP fails to clear the $2.920 resistance zone, it could continue to move down. Initial support on the downside is near the $2.820 level. The next major support is near the $2.80 level.

If there is a downside break and a close below the $2.80 level, the price might continue to decline toward $2.740. The next major support sits near the $2.650 zone, below which the price could gain bearish momentum.

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 – $2.820 and $2.80.

Major Resistance Levels – $2.90 and $2.920.