XRP price started a new decline from the $2.38 zone. The price is consolidating and might struggle to start a fresh rise above the $2.30 resistance zone.
- XRP price struggled to break above the $2.40 resistance zone.
- The price is now trading below $2.30 and the 100 hourly simple moving average.
- A connecting bearish trend line is forming with resistance at $2.25 on the hourly chart of the XRP/USD pair (data feed from Kraken).
- The pair could continue to decline if it stays below the $2.30 resistance.
XRP price faces resistance at $2.40
XRP price started a fresh rise from the $2.00 support level, unlike bitcoin and Ethereum. However, the bears were active near the $2.38 and $2.40 levels. A high of $2.38 was formed and the price started a new decline.
There was a move below the $2.30 and $2.25 levels. The price fell below the 50% Fibonacci retracement level of the upward move from the low of $1,955 to the high of $2,383. There is also a connecting bearish trend line forming with resistance at $2.25 on the hourly chart of the XRP/USD pair.
The price is now trading below $2.30 and the 100 hourly simple moving average. On the upside, the price could face resistance near the $2.20 level. The first major resistance is near the $2.25 level.
The next resistance is $2.30. A clear move above the $2.30 resistance could send the price towards the $2.40 resistance. Any further gains could send the price towards the resistance of $2.50 or even $2.550 in the near term. The next big hurdle for the bulls could be $2,620.
More disadvantages?
If XRP fails to break above the $2.25 resistance zone, it could start another decline. Initial support on the downside is near the $2.12 level or the 61.8% Fibonacci retracement level of the upward move from the low of $1,955 to the high of $2,383. The next major support is near the $2,050 level.
If there is a downside breakout and close below the $2.050 level, the price could continue declining towards the $2.00 support. The next major support is near the $1,880 area.
Technical Indicators
Hourly MACD: The MACD for XRP/USD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Main support levels: $2,120 and $2,050.
Main resistance levels: $2.25 and $2.30.
Fountain: NewsBTC.com
