XRP Bulls on Edge—Could the Downtrend Continue?
The new decline in XRP price is below the $2.650 resistance. Prices are now consolidating losses and may face resistance near the $2.550 area.
- XRP prices start below the $2.650 area.
- Now the price is trading above $2.40, while the 100-hour simple moving average is traded.
- On the hourly chart of the XRP/USD pair (Kraken’s data source), there is a short-term upward channel forming, supporting $2.40.
- If the two remain in the $2.550 resistance zone, they may continue to move downward.
XRP price faces resistance
XRP price starts to drop from a resistance of $3.00, like Bitcoin and Ethereum. Prices are below $2.80 and $2.60.
The Bears were able to raise the price to a 50% FIB retracement level, from a swing of $1.95 to a high of $3.00. Eventually, the Bulls appeared near the $2.20 support zone. The base is forming and the current price is trying to recover above $2.30.
Now the price is trading above $2.40, while the 100-hour simple moving average is traded. On the hourly chart of the XRP/USD pair, there is also a short-term uptrend channel support channel with support of $2.40.
On the plus side, the price may face a $2.550 resistance. The first major resistor is close to $2.650. The next resistor is $2.750. A significant movement of resistors above $2.750 may shift the price to a resistor at $2.80.
In the short term, more gains may send the price to a resistor of $2.880 or even $2.920. The next big hurdle for the Bulls could be $3.00.
Another drop?
If XRP fails to clear the $2.550 resistance zone, it may drop again. The initial support for disadvantages is close to the $2.40 level. The next major support is close to $2.320.
If there are drawbacks, below the $2.320 level, the price may continue to drop to $2.20 support and 76.4% FIB recovery levels, thus swaying from $1.95 to $3.00 high. The next major support is located near the $2.120 area.
Technical Indicators
Hourly MACD – XRP/USD’s MACD is now losing pace in the bearish zone.
Hour RSI (Relative Strength Index) – The RSI of XRP/USD is now above level 50.
Main support levels – $2.40 and $2.320.
Major resistance levels – $2.550 and $2.750.
