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XRP Price Slides Slowly—Is a Bigger Drop Coming?

Source Newsbtc

XRP price started a fresh decline below the $2.420 zone. The price is now showing a few bearish signs and might decline below the $2.30 level.

XRP price started a fresh decline after it failed to clear the $2.420 resistance zone.
The price is now trading below $2.40 and the 100-hourly Simple Moving Average.
There is a connecting bearish trend line forming with resistance at $2.35 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair might extend losses if it breaks the $2.30 support zone.

XRP Price Extends Losses

XRP price failed to continue higher above the $2.420 resistance zone and reacted to the downside, like Bitcoin and Ethereum. The price declined below the $2.40 and $2.35 levels.

The pair even tested the $2.30 zone. A low was formed at $2.301 and the price is now consolidating losses. The current price action is bearish below the 23.6% Fib retracement level of the recent decline from the $2.478 swing high to the $2.301 low.

The price is now trading below $2.38 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $2.35 level. There is also a connecting bearish trend line forming with resistance at $2.35 on the hourly chart of the XRP/USD pair.

The first major resistance is near the $2.3850 level or the 50% Fib retracement level of the recent decline from the $2.478 swing high to the $2.301 low. The next resistance is $2.420.

A clear move above the $2.420 resistance might send the price toward the $2.450 resistance. Any more gains might send the price toward the $2.50 resistance or even $2.550 in the near term. The next major hurdle for the bulls might be $2.620.

More Losses?

If XRP fails to clear the $2.40 resistance zone, it could start another decline. Initial support on the downside is near the $2.30 level. The next major support is near the $2.20 level.

If there is a downside break and a close below the $2.20 level, the price might continue to decline toward the $2.120 support. The next major support sits near the $2.050 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 – $2.30 and $2.20.

Major Resistance Levels – $2.40 and $2.420.

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

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