XRP Price Struggles to Hold Gains—Could Bears Take Over?
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XRP price is struggling to gain pace for a move above the $2.50 zone. The price is now moving lower and might decline below the $2.30 level.
XRP price started a fresh decline from the $2.50 zone.
The price is now trading below $2.420 and the 100-hourly Simple Moving Average.
There is a key bullish trend line forming with support at $2.3650 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair might start a fresh increase if it clears the $2.50 resistance zone.
XRP Price Dips Again
XRP price struggled to settle above the $2.50 resistance zone. The price started another decline from the $2.52 level, like Bitcoin and Ethereum. There was a move below the $2.45 level.
The price dipped below the 50% Fib retracement level of the upward move from the $2.31 swing low to the $2.52 high. The price even spiked below the $2.40 level. However, there is a key bullish trend line forming with support at $2.3650 on the hourly chart of the XRP/USD pair.
The price is now trading below $2.420 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $2.440 level. The first major resistance is near the $2.50 level.
The next resistance is $2.520. A clear move above the $2.520 resistance might send the price toward the $2.60 resistance. Any more gains might send the price toward the $2.650 resistance or even $2.720 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 $2.3620 level or 76.4% Fib retracement level of the upward move from the $2.31 swing low to the $2.52 high. The next major support is near the $2.2650 level.
If there is a downside break and a close below the $2.2650 level, the price might continue to decline toward the $2.140 support. The next major support sits near the $2.050 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 – $2.3650 and $2.280.
Major Resistance Levels – $2.50 and $2.60.
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