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XRP Price Continues Lower as Sellers Tighten Grip on Intraday Structure

Source Newsbtc

XRP price started a fresh decline from $2.350. The price is now showing bearish signs and might extend losses if it dips below $2.150.

XRP price started a fresh decline below the $2.320 zone.
The price is now trading below $2.30 and the 100-hourly Simple Moving Average.
There is a short-term bearish trend line forming with resistance at $2.2550 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could continue to move down if it settles below $2.150.

XRP Price Dips Again

XRP price attempted a recovery wave above $2.320 but failed to continue higher, like Bitcoin and Ethereum. The price started a fresh decline below $2.30 and $2.250.

There was a move below the $2.20 pivot level. A low was formed at $2.155, and the price is now consolidating losses with a bearish angle. There was a minor move above the 23.6% Fib retracement level of the recent decline from the $2.525 swing high to the $2.155 low.

The price is now trading below $2.30 and the 100-hourly Simple Moving Average. If there is a fresh upward move, the price might face resistance near the $2.2550 level. There is also a short-term bearish trend line forming with resistance at $2.2550 on the hourly chart of the XRP/USD pair.

The first major resistance is near the $2.30 level, above which the price could rise and test $2.350 or the 50% Fib retracement level of the recent decline from the $2.525 swing high to the $2.155 low. A clear move above the $2.350 resistance might send the price toward the $2.440 resistance. Any more gains might send the price toward the $2.50 resistance. The next major hurdle for the bulls might be near $2.550.

Another Decline?

If XRP fails to clear the $2.350 resistance zone, it could start a fresh decline. Initial support on the downside is near the $2.20 level. The next major support is near the $2.150 level.

If there is a downside break and a close below the $2.150 level, the price might continue to decline toward $2.050. The next major support sits near the $2.020 zone, below which the price could continue lower toward $1.880.

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 – $2.20 and $2.150.

Major Resistance Levels – $2.30 and $2.350.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

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