XRP Price Analysis

XRP price is down from the $2.85 resistance zone, showing bearish signs. It must clear $2.650 to initiate a fresh increase.

Current Price Movements

• XRP price started a fresh decline below the $2.70 level.
• Currently trading below $2.650 and the 100-hourly Simple Moving Average.
• A key bearish trend line is forming with resistance at $2.620 on the hourly chart of the XRP/USD pair (data source from Kraken).
• A potential fresh increase may occur if $2.620 resistance is cleared.

XRP Price Dips Further

XRP price failed to gain traction above $2.850 and began to decline, mirroring trends in Bitcoin and Ethereum. The price dropped below $2.720 and $2.70.

• There was a move below the $2.60 support level, ultimately testing the $2.50 zone.
• A low was formed at $2.470, and the price is now consolidating losses near the 23.6% Fib retracement level of the downward move from $2.832 to $2.470.

Currently, the price sits below $2.650 and the 100-hourly Simple Moving Average. Resistance may be encountered near the $2.60 level, with a key bearish trend line forming resistance at $2.620 on the hourly chart.

• The first major resistance stands at $2.650 (50% Fib retracement level from $2.832 to $2.470).
• The following resistance is at $2.70.
• A clear move above $2.70 may drive the price toward $2.80, potentially reaching $2.850 or even $2.880 in the near term, with $3.00 being the next major hurdle for bulls.

Another Decline?

If XRP doesn’t clear the $2.650 resistance zone, another decline may follow. Initial support is near the $2.50 level, with the next significant support at $2.480.

• A downside break and close below $2.480 may lead to a decline toward the $2.420 support, with significant support around $2.350.

Technical Indicators

• Hourly MACD: Gaining pace in the bearish zone.
• Hourly RSI: Below the 50 level.

Major Support Levels

• $2.50
• $2.480

Major Resistance Levels

• $2.60
• $2.650