XRP price started a fresh decline from $2.550. The price is now showing bearish signs and might extend losses if it dips below $2.250.
- XRP price started a fresh decline below the $2.450 zone.
- The price is now trading below $2.40 and the 100-hourly Simple Moving Average.
- There is a short-term contracting triangle forming with resistance at $2.235 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could continue to move down if it settles below $2.250.
XRP Price Dips Further
XRP price attempted more gains above $2.50 but failed to continue higher, like Bitcoin and Ethereum. The price started a fresh decline below $2.450 and $2.420.
There was a move below the $2.320 pivot level. A low was formed at $2.2754, and the price is now consolidating losses with a bearish angle below the 23.6% Fib retracement level of the recent decline from the $2.525 swing high to the $2.2754 low.
The price is now trading below $2.40 and the 100-hourly Simple Moving Average. If there is a fresh upward move, the price might face resistance near the $2.2350 level. There is also a short-term contracting triangle forming with resistance at $2.235 on the hourly chart of the XRP/USD pair.
The first major resistance is near the $2.40 level, above which the price could rise and test $2.450 or the 76.4% Fib retracement level of the recent decline from the $2.525 swing high to the $2.2754 low. A clear move above the $2.450 resistance might send the price toward the $2.520 resistance. Any more gains might send the price toward the $2.580 resistance. The next major hurdle for the bulls might be near $2.650.
Another Decline?
If XRP fails to clear the $2.40 resistance zone, it could start a fresh decline. Initial support on the downside is near the $2.280 level. The next major support is near the $2.250 level.
If there is a downside break and a close below the $2.250 level, the price might continue to decline toward $2.20. The next major support sits near the $2.120 zone, below which the price could continue lower toward $2.050.
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 – $2.250 and $2.20.
Major Resistance Levels – $2.40 and $2.450.
