XRP Price Takes a 5% Hit: Is More Downside Ahead?
XRP price failed to continue higher above $2.35 and declined. The price is down over 5% and is showing bearish signs below the $2.20 level.
- XRP price started another decline below the $2.250 support level.
- The price is now trading below $2.25 and the 100-hourly Simple Moving Average.
- There was a break below a key declining channel with support at $2.235 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might start a fresh increase if it stays above the $2.120 support.
XRP Price Dips Again
XRP price failed to clear the $2.35 resistance and started a fresh decline, like Bitcoin and Ethereum. There was a sharp move below the $2.30 and $2.50 support levels.
Besides, there was a break below a key declining channel with support at $2.235 on the hourly chart of the XRP/USD pair. The pair declined over 5% and even tested the $2.120 zone. A low was formed at $2.126 and the price is now consolidating losses.
It corrected some losses and climbed above $2.15. It tested the 23.6% Fib retracement level of the recent decline from the $2.348 swing high to the $2.126 low. The price is now trading below $2.25 and the 100-hourly Simple Moving Average.
On the upside, the price might face resistance near the $2.18 level. The first major resistance is near the $2.20 level. The next resistance is $2.24 or the 50% Fib retracement level of the recent decline from the $2.348 swing high to the $2.126 low. A clear move above the $2.24 resistance might send the price toward the $2.30 resistance.
Any more gains might send the price toward the $2.320 resistance or even $2.350 in the near term. The next major hurdle for the bulls might be $2.450.
More Losses?
If XRP fails to clear the $2.24 resistance zone, it could start another decline. Initial support on the downside is near the $2.12 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 the $2.050 support. The next major support sits near the $2.00 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 $2.120 and $2.100.
Major Resistance Levels $2.180 and $2.240.
Source: NewsBTC.com
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