XRP price started a recent decline below the $2.350 zone. The price retested the $2.20 support zone and is currently attempting a recovery wave.
- XRP price started a recent decline from the $2.720 zone.
- The price is now trading below $2.50 and the 100-hour simple moving average.
- There is a connecting bearish trend line with resistance at $2.45 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could initiate another rally if it clears the $2.40 resistance.
XRP price drops to $2.20
XRP price failed to initiate a recent rally above the $2.50 level and initiated a recent decline, viz Bitcoin And ethereum. There was a move below the $2.45 and $2.40 levels.
The price fell more than 5% and had a move below the $2.320 support. Finally, the price broke below the $2.20 support. A low was made at $2.171 and the price is now recovering losses. There was a move above the $2.250 level.
The price cleared the 23.6% Fib retracement level of the downside move from the $2.720 swing high to the $2.171 low. The price is now trading below $2.50 and the 100-hour simple moving average.
On the upside, the price may face resistance near the $2.40 level. The first major resistance is near the $2.450 level. There is also a connecting bearish trend line with resistance at $2.45 on the hourly chart of the XRP/USD pair. The trend line is near the 50% Fib retracement level of the move down from the $2.720 swing high to the $2.171 low.
The next resistance is $2.50. A clear move above the $2.50 resistance could send the price towards the $2.55 resistance. Any further gains could send the price to the $2.620 resistance or near the $2.80 range. The next major hurdle for the bulls could be $3.00.
Are dips supported?
If XRP fails to clear the $2.40 resistance zone, it could initiate another decline. Initial support on the downside is near the $2.25 level. The next major support is near the $2.20 level.
If there is a downside break and a close below the $2.20 level, the price may decline towards 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 losing momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Key support levels – $2.20 and $2.050.
Key resistance levels – $2.40 and $2.450.
