XRP price failed to extend its gains above the $2.40 area. The price is down over 10% and may fall towards the $2.00 support area.
- XRP price has started a downward correction from the $2.50 resistance area.
- The price is now trading below the $2.30 level and the 100 hourly simple moving average.
- There is a solid bearish trend line forming with resistance at $2.26 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair may start another rise if it crosses the $2.32 resistance level.
XRP price is falling again
XRP price failed to start a new increase above the $2.50 resistance area. It has started a new decline below the $2.35 level like Bitcoin and Ethereum. There was a move below the $2.30 and $2.25 levels.
The price even fell below the $2.20 support level. The bottom was formed at $1,989 and the price is now correcting some losses. There was a move above the $2.20 level. The price rose above the 23.6% Fibonacci retracement level of the downward move from the swing high of $2.64 to the swing low of $1.98.
The price is now trading below the $2.30 level and the 100 hourly simple moving average. On the upside, the price may face resistance near the $2.20 level. The first major resistance is near the $2,250 level.
There is also a solid downtrend line forming with resistance at $2.26 on the hourly chart of the XRP/USD pair. The next resistance is located at $2.30 or the 50% Fib retracement level of the downward move from the high of $2.64 to the low of $1.98. A clear move above the $2.30 resistance could send the price towards the $2,350 resistance.
Any further gains may push the price towards the $2.40 resistance level or even $2.420 in the near term. The next major hurdle for the bulls could be $2,550.
More losses?
If XRP fails to cross the $2,250 resistance area, it could start another decline. Initial support on the downside is near the $2,050 level. The next major support is near the $2.00 level.
If there is a downward breakout and close below the $2.00 level, the price may continue to fall towards the $1,880 support level. The next major support is near the $1,750 area.
Technical indicators
Hourly MACD – The MACD for XRP/USD is now gaining speed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Key Support Levels – $2.0500 and $2.0000.
Major resistance levels – $2.2500 and $2.3000.
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