XRP Price Eases Gains: Eyes on The Critical $2 Threshold
XRP price failed to extend gains above the $2.40 area. The price is down more than 10% and may even fall towards the $2.00 support area.
- XRP price started a downward correction from the $2.50 resistance zone.
- The price is currently below $2.30 and the 100 hourly simple moving average.
- There is a bearish trend line forming with resistance at $2.26 on the hourly chart of the XRP/USD pair (Data source: Kraken).
- If the $2.32 resistance is exceeded, the pair may start rising again.
XRP price drops again
XRP price failed to initiate a fresh increase above the $2.50 resistance zone. It begins a new leg below the $2.35 level Bitcoin and Ethereum. The price fell below the $2.30 and $2.25 levels.
The price even fell below the $2.20 support. A low was formed at $1.989 and the price is currently correcting some losses. The price rose above $2.20. The price climbed to the 23.6% Fib retracement level of the swing high of $2.64 to low of $1.98.
The price is currently below $2.30 and the 100 hourly simple moving average. On the bright side, the price may face resistance near $2.20. The first major resistance level is near $2.250.
There is also a bearish trend line forming with resistance at $2.26 on the hourly chart of the XRP/USD pair. Next resistance is $2.30, the 50% Fibonacci retracement level of the downside move from the $2.64 swing high to $1.98 low. A clear break above the $2.30 resistance could push the price towards the $2.350 resistance.
If there is further upside, the price may move towards the $2.40 resistance or even $2.420 in the short term. The next major obstacle for the bulls is likely to be $2.550.
More losses?
If XRP fails to break above the $2.250 resistance zone, it may start another decline. Initial support on the downside is near $2.050. The next major support is near $2.00.
If there is a downside breakout and a close below the $2.00 level, the price may continue its decline towards the $1.880 support. The next major support is near the $1.750 area.
Technical indicators
Hourly MACD – The MACD for XRP/USD is currently accelerating in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently below the 50 level.
Major support levels – $2.0500 and $2.0000.
The main resistance levels – $2.2500 and $2.3000.
