XRP Rally Fades—Price Surrenders Recent Gains
XRP price starts to drop from a resistance of $3.00. Prices rose by more than 20%, which could extend support below $2.20.
- XRP prices began to drop from the $3.00 area.
- Now, the price trades below $2.50, while the 100-hour simple moving average is traded.
- On the hourly chart of the XRP/USD pair (Kraken’s data source), below the Break below the connected bullish trend line, the support trend and support is $2.40.
- If the two broke the $2.20 support zone, the couple may continue to move downward.
XRP price reversal
XRP prices rose at $2.50 and $2.80 levels before bears emerged, e.g. Bitcoin and Ethereum. The price failed to clear the $3.00 resistor and started a new drop.
Sharp moves below the $2.80 and $2.60 levels. Prices are below 50% FIB retracement levels, thus swinging from $1.95 to $3.00 high. On the hourly chart of the XRP/USD pair, there is also a breakout below the connected bullish trend line, supporting $2.40.
Now the price is trading below $2.40, while the 100-hour simple moving average. Now, it finds bids above the 76.4% FIB retracement level, down from a swing of $1.95 to a high of $3.00.
On the plus side, the price may face a $2.35 resistance. The first major resistor is close to $2.40. The next resistor is $2.4750. A clear action on resistors above $2.4750 could shift the price to a resistor of $2.620.
In the short term, more gains may send the price to a resistor of $2.700 or even $2.750. The next big hurdle for the Bulls could be $2.80.
More losses?
If XRP fails to clear the $2.40 resistance zone, it may drop again. The initial support for the disadvantage is close to $2.20. The next major support is close to $2.120.
If there are drawbacks and below the $2.120 level, the price may continue to drop to $2.050 support. The next major support is located near the $2.00 area.
Technical Indicators
Hourly MACD – XRP/USD’s MACD is now accelerating its pace in the bearish zone.
Hour RSI (Relative Strength Index) – The RSI for XRP/USD is now below level 50.
Main support levels – $2.20 and $2.120.
Major resistance levels – $2.40 and $2.4750.
