XRP Bulls Lose Grip as Signals Point Toward Another Decline

[Ben Graham]

XRP price started a steady increase above $2.220. The price is now struggling to clear $2.280 and might start a fresh decline below $2.150.

• XRP price started a fresh increase above the $2.20 zone.
• The price is now trading near $2.180 and the 100-hourly Simple Moving Average.
• There is a near bearish trend line forming with resistance at $2.2250 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair could continue to move down if it dips below $2.150.

XRP Price Faces Resistance

XRP price started a decent upward move above $2.120 and $2.150, like Bitcoin and Ethereum. The price gained pace for a clear move above the $2.20 resistance.

The bulls even pumped the price above the $2.240 zone. A high was formed at $2.286 and the price started a downside correction. There was a move below the 23.6% Fib retracement level of the upward move from the $1.817 swing low to the $2.286 high.

The price is now trading near $2.180 and the 100-hourly Simple Moving Average. Besides, there is a near bearish trend line forming with resistance at $2.2250 on the hourly chart of the XRP/USD pair.

If there is a fresh upward move, the price might face resistance near the $2.2250 level. The first major resistance is near the $2.250 level, above which the price could rise and test $2.2850. A clear move above the $2.2850 resistance might send the price toward the $2.350 resistance. Any more gains might send the price toward the $2.4320 resistance. The next major hurdle for the bulls might be near $2.50.

Downside Continuation?

If XRP fails to clear the $2.250 resistance zone, it could start a fresh decline. Initial support on the downside is near the $2.150 level. The next major support is near the $2.10 level.

If there is a downside break and a close below the $2.10 level, the price might continue to decline toward $2.050 and the 50% Fib retracement level of the upward move from the $1.817 swing low to the $2.286 high. The next major support sits near the $2.00 zone, below which the price could continue lower toward $1.9250.

Technical Indicators

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

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

Major Support Levels – $2.150 and $2.050.

Major Resistance Levels – $2.250 and $2.280.