XRP Price Rejected at Resistance—Are Bears Taking Control?

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XRP price started a fresh decline from the $2.50 resistance zone. The price is now recovering and might face resistance near the $2.42 level.

  • XRP price started a fresh decline after it failed to clear the $2.50 resistance zone.

  • The price is now trading below $2.420 and the 100-hourly Simple Moving Average.

  • There was a break below a connecting bullish trend line with support at $2.440 on the hourly chart of the XRP/USD pair (data source from Kraken).

  • The pair might extend losses if it breaks the $2.350 support zone.


XRP Price Dips Again


XRP price failed to continue higher above the $2.50 resistance zone and reacted to the downside, like Bitcoin and Ethereum. The price declined below the $2.42 and $2.40 levels.


There was a break below a connecting bullish trend line with support at $2.440 on the hourly chart of the XRP/USD pair. The pair even spiked below $2.35. A low was formed at $2.329 and the price is now recovering some losses. There was a move above $2.38.


The price surpassed the 23.6% Fib retracement level of the recent decline from the $2.478 swing high to the $2.329 low. The price is now trading below $2.40 and the 100-hourly Simple Moving Average.


On the upside, the price might face resistance near the $2.40 level and the 50% Fib retracement level of the recent decline from the $2.478 swing high to the $2.329 low. The first major resistance is near the $2.420 level. The next resistance is $2.450.


XRP Price

A clear move above the $2.450 resistance might send the price toward the $2.50 resistance. Any more gains might send the price toward the $2.620 resistance or even $2.6650 in the near term. The next major hurdle for the bulls might be $2.80.


More Losses?


If XRP fails to clear the $2.420 resistance zone, it could start another decline. Initial support on the downside is near the $2.350 level or the trend line. 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 $2.150 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 $2.450.

* 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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