XRP price started a fresh decline below $2.250. The price is now attempting to recover and faces resistance near the $2.32 pivot level.
- XRP price started a fresh decline below the $2.250 zone.
- The price is now trading below $2.250 and the 100-hourly Simple Moving Average.
- There is a bearish trend line forming with resistance at $2.2250 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could continue to move down if it settles below $2.10.
XRP Price Attempts Recovery
XRP price attempted a recovery wave above $2.280 but failed to continue higher, like Bitcoin and Ethereum. The price started a fresh decline below $2.250 and $2.220.
There was a move below the $2.120 support level. A low was formed at $2.105, and the price is now attempting a recovery wave. There was a move above the 23.6% Fib retracement level of the downward move from the $2.525 swing high to the $2.058 low.
The price is now trading below $2.250 and the 100-hourly Simple Moving Average. If there is a fresh upward move, the price might face resistance near the $2.220 level. There is also a bearish trend line forming with resistance at $2.2250 on the hourly chart of the XRP/USD pair.
The first major resistance is near the $2.250 level. A close above $2.250 could send the price to $2.30. The next hurdle sits at $2.320 or the 50% Fib retracement level of the downward move from the $2.525 swing high to the $2.058 low. A clear move above the $2.320 resistance might send the price toward the $2.40 resistance. Any more gains might send the price toward the $2.450 resistance. The next major hurdle for the bulls might be near $2.50.
Another Decline?
If XRP fails to clear the $2.250 resistance zone, it could start a fresh decline. Initial support on the downside is near the $2.150 level. The next major support is near the $2.10 level.
If there is a downside break and a close below the $2.10 level, the price might continue to decline toward $2.050. The next major support sits near the $2.00 zone, below which the price could continue lower toward $1.880.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $2.10 and $2.050.
Major Resistance Levels – $2.250 and $2.320.
