XRP price started a downside correction below the $2.480 zone. The price is now consolidating and might extend losses below the $2.320 support zone.
XRP price started a fresh decline below the $2.520 zone.
The price is now trading below $2.480 and the 100-hourly Simple Moving Average.
There is a connecting bullish trend line forming with support at $2.3550 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 Again
XRP price attempted a fresh increase above the $2.350 zone, like Bitcoin and Ethereum. However, the bears were active near the $2.450 zone. A high was formed at $2.4495 and the price is now moving lower.
There was a drop below the $2.40 support level. The price dipped below the 50% Fib retracement level of the upward move from the $2.299 swing low to the $2.449 high. However, the bulls are now active near the $2.350 support.
There is also a connecting bullish trend line forming with support at $2.3550 on the hourly chart of the XRP/USD pair. The trend line is close to the 61.8% Fib retracement level of the upward move from the $2.299 swing low to the $2.449 high.
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. The first major resistance is near the $2.450 level.
The next resistance is $2.50. 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 $2.450 resistance zone, it could start another decline. Initial support on the downside is near the $2.3550 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 gaining 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 – $2.40 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.
