XRP Price Targets Bounce; Traders Watch $2.30 Resistance Level

[Ben Graham]

XRP price started a fresh decline below $2.350. The price is now showing bearish signs and is at risk of more losses below $2.120 in the near term.

• XRP price gained bearish momentum and traded below $2.30.
• The price is now trading below $2.250 and the 100-hourly Simple Moving Average.
• There is a bearish trend line forming with resistance at $2.250 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair could start a recovery wave if it stays above $2.150.

XRP Price Dips Further

XRP price remained in a bearish zone below $2.50 and extended losses, like Bitcoin and Ethereum. The price dipped below the $2.350 and $2.30 levels.

The decline gained pace after there was a close below $2.250. The price even tested $2.050. A low was formed at $2.066, and the price is now correcting some losses. There was a move above the 23.6% Fib retracement level of the downward move from the $2.552 swing high to the $2.066 low.

The price is now trading below $2.30 and the 100-hourly Simple Moving Average. If there is a fresh upward move, the price might face resistance near the $2.250 level. There is also a bearish trend line forming with resistance at $2.250 on the hourly chart of the XRP/USD pair.

The first major resistance is near the $2.30 level, above which the price could rise and test $2.3650. It is close to the 61.8% Fib retracement level of the downward move from the $2.552 swing high to the $2.066 low.

A clear move above the $2.3650 resistance might send the price toward the $2.420 resistance. Any more gains might send the price toward the $2.450 resistance. The next major hurdle for the bulls might be near $2.50.

Another Decline?

If XRP fails to clear the $2.30 resistance zone, it could start a fresh decline. Initial support on the downside is near the $2.180 level. The next major support is near the $2.150 level.

If there is a downside break and a close below the $2.150 level, the price might continue to decline toward $2.050. The next major support sits near the $2.00 zone, below which the price could continue lower toward $1.850.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.

Major Support Levels – $2.180 and $2.150.

Major Resistance Levels – $2.250 and $2.30.