XRP Price Gives Back Upside, Market Watches Support Closely

[Ben Graham]

XRP price failed to gain pace above $2.320 and trimmed gains. The price is now struggling and faces resistance near the $2.20 level.

• XRP price started a fresh decline below the $2.250 zone.
• The price is now trading below $2.250 and the 100-hourly Simple Moving Average.
• There was a break below a key bullish trend line with support at $2.245 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair could continue to move down if it settles below $2.150.

XRP Price Trims Gains

XRP price failed to continue higher above $2.35 and started a fresh decline, like Bitcoin and Ethereum. The price declined below $2.320 and $2.250 to enter a short-term bearish zone.

There was a break below a key bullish trend line with support at $2.245 on the hourly chart of the XRP/USD pair. The pair even spiked below $2.150. A low was formed at $2.141, and the price is now showing bearish signs below the 23.6% Fib retracement level of the downward move from the $2.416 swing high to the $2.141 low.

The price is now trading below $2.250 and the 100-hourly Simple Moving Average. If there is a fresh upward move, the price might face resistance near the $2.20 level. The first major resistance is near the $2.250 level. A close above $2.250 could send the price to $2.30.

The next hurdle sits at $2.320 and the 61.8% Fib retracement level of the downward move from the $2.416 swing high to the $2.141 low. A clear move above the $2.320 resistance might send the price toward the $2.350 resistance. Any more gains might send the price toward the $2.40 resistance. The next major hurdle for the bulls might be near $2.450.

More Losses?

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 $2.120 level.

If there is a downside break and a close below the $2.120 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 $1.880.

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 – $2.120 and $2.050.

Major Resistance Levels – $2.20 and $2.250.