XRP Price Retreats From Highs — Is The Rally In Jeopardy?

[Redator]

XRP price started a fresh decline from the $2.320 zone. The price is now correcting gains and might find bids near the $2.120 zone.

• XRP price started a fresh decline from the $2.320 zone.
• The price is now trading below $2.220 and the 100-hourly Simple Moving Average.
• There was a break below a key bullish trend line with support at $2.20 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair could extend losses if it fails to clear the $2.220 resistance zone.

XRP Price Dips Further

XRP price failed to extend gains above the $2.320 resistance and started a fresh decline, like Bitcoin and Ethereum. The price declined below the $2.250 and $2.220 support levels.

Besides, there was a break below a key bullish trend line with support at $2.20 on the hourly chart of the XRP/USD pair. The pair even spiked below the $2.150 level. A low was formed at $2.148 and the price is now consolidating losses below the 23.6% Fib retracement level of the downward move from the $2.327 swing high to the $2.148 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. The next resistance is $2.2380. It is close to the 50% Fib retracement level of the downward move from the $2.327 swing high to the $2.148 low.

A clear move above the $2.2380 resistance might send the price toward the $2.2850 resistance. Any more gains might send the price toward the $2.30 resistance or even $2.320 in the near term. The next major hurdle for the bulls might be $2.40.

Fresh Decline?

If XRP fails to clear the $2.220 resistance zone, it could start another 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 the $2.050 support. The next major support sits near the $2.020 zone.

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 – $2.150 and $2.120.

Major Resistance Levels – $2.220 and $2.2850.