XRP Price Stays Weak — Bearish Outlook Intact Under $2.60 Resistance

[Ben Graham]

XRP price started a fresh decline from $2.550. The price is now showing bearish signs and is at risk of another decline in the near term.

• XRP price failed to continue higher above $2.550 and corrected some gains.
• The price is now trading below $2.50 and the 100-hourly Simple Moving Average.
• There is a bearish trend line forming with resistance at $2.580 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair could start a fresh increase if it stays above $2.410.

XRP Price Dips Again

XRP price formed a short-term top near $2.550 and started a downside correction, like Bitcoin and Ethereum. The price dipped below the $2.520 and $2.50 levels.

There was a move below the 50% Fib retracement level of the upward wave from the $2.377 swing low to the $2.552 high. The price even spiked below $2.42 but remained stable above $2.40. Besides, there is a bearish trend line forming with resistance at $2.580 on the hourly chart of the XRP/USD pair.

The price is now trading below $2.50 and the 100-hourly Simple Moving Average. If there is a fresh upward move, the price might face resistance near the $2.480 level. The first major resistance is near the $2.50 level, above which the price could rise and test $2.550.

A clear move above the $2.550 resistance might send the price toward the $2.580 resistance and the trend line. Any more gains might send the price toward the $2.650 resistance. The next major hurdle for the bulls might be near $2.720.

More Losses?

If XRP fails to clear the $2.580 resistance zone, it could start a fresh decline. Initial support on the downside is near the $2.410 level and the 76.4% Fib retracement level of the upward wave from the $2.377 swing low to the $2.552 high. The next major support is near the $2.380 level.

If there is a downside break and a close below the $2.380 level, the price might continue to decline toward $2.320. The next major support sits near the $2.250 zone, below which the price could continue lower toward $2.20.

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.

Major Support Levels – $2.410 and $2.380.

Major Resistance Levels – $2.550 and $2.580.