XRP Price Analysis

XRP price started a fresh decline below the $2.450 and $2.350 support levels. The price is now consolidating losses and remains at risk of further declines.

• XRP price started a fresh decline below the $2.350 level.
• The price is trading below $2.320 and the 100-hourly Simple Moving Average.
• A key bearish trend line is forming with resistance at $2.250 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair may continue to move down unless there is a close above the $2.3350 resistance zone.

XRP Price Fails To Recover

XRP price failed to maintain levels above the $2.50 resistance zone, starting a fresh decline similar to Bitcoin and Ethereum. The price dropped below the $2.35 and $2.250 support levels.

The price dipped below the $2.20 support, entering a bearish zone with a low at $2.0639. A recovery attempt occurred with a spike above the 50% Fib retracement level of the downward movement from the $2.604 swing high to the $2.206 low.

However, the bears remained active at $2.350. There is a significant bearish trend line forming with resistance at $2.250 on the hourly chart of the XRP/USD pair.

The current trading is below $2.30 and the 100-hourly Simple Moving Average. Resistance is expected near the $2.250 level. The first major resistance is near $2.3250, and the next resistance is at $2.40 or the 61.8% Fib retracement level from the $2.604 swing high to the $2.206 low.

A clear move above the $2.40 resistance could push the price towards $2.50. Additional gains may drive the price toward $2.550 or even $2.5650 in the near term, with a major hurdle at $2.620 for the bulls.

More Losses?

If XRP fails to clear the $2.250 resistance zone, it could enter another decline. Initial support is near the $2.1480 level, with the next major support at $2.120.

A downside break and close below $2.120 may result in further declines toward the $2.050 support level, with another significant support near the $2.00 zone.

Technical Indicators

• Hourly MACD – The MACD for XRP/USD is gaining pace in the bearish zone.
• Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is below the 50 level.

Major Support Levels

• $2.1480
• $2.120

Major Resistance Levels

• $2.250
• $2.3250