XRP Price at Risk of More Losses — Can Key Support Hold?

[Redator]

XRP price started a fresh decline below the $2.220 zone. The price is now correcting losses and might aim for a move above the $2.20 resistance.

• XRP price started a fresh decline below the $2.220 zone.
• The price is now trading below $2.20 and the 100-hourly Simple Moving Average.
• There is a key bearish trend line forming with resistance at $2.2180 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair might start another decline if it fails to clear the $2.220 level.

XRP Price Dips Again

XRP price failed to clear the $0.3250 resistance and started a fresh decline, like Bitcoin and Ethereum. There was a move below the $0.2800 and $0.2620 support levels.

The price even dipped below the $0.20 support level. A low was formed at $0.2081 and the price is now consolidating losses. There was a minor move above the $0.2120 level. The price cleared the 23.6% Fib retracement level of the downward wave from the $2.3540 swing high to the $2.2081 low.

The price is now trading below $2.220 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $2.20 level. The first major resistance is near the $2.220 level. There is also a key bearish trend line forming with resistance at $2.2180 on the hourly chart of the XRP/USD pair. It is near the 50% Fib retracement level of the downward wave from the $2.3540 swing high to the $2.2081 low.

The next resistance is $2.250. A clear move above the $2.250 resistance might send the price toward the $2.280 resistance. Any more gains might send the price toward the $2.30 resistance or even $2.3250 in the near term. The next major hurdle for the bulls might be $2.40.

Another Drop?

If XRP fails to clear the $2.220 resistance zone, it could start another decline. Initial support on the downside is near the $2.1250 level. The next major support is near the $2.080 level.

If there is a downside break and a close below the $2.080 level, the price might continue to decline toward the $2.050 support. The next major support sits near the $2.00 zone.

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 $2.080.

Major Resistance Levels – $2.20 and $2.220.