XRP Price Declines Further – Is a Bigger Crash on the Horizon?

[Redator]

XRP price is struggling to recover above the $3.00 resistance zone. The price is now declining and might extend losses if it drops below $2.70.

• XRP price is correcting gains below the $3.00 resistance.
• The price is now trading below $2.850 and the 100-hourly Simple Moving Average.
• There is a key bearish trend line forming with resistance at $2.80 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair could continue to decline if it stays below the $2.850 zone.

XRP Price Dips Below Support

XRP price started a fresh decline below $3.00, like Bitcoin and Ethereum. The price traded below the $2.950 and $2.920 levels to enter a bearish zone.

The bears were able to push the price below $2.850 and the 100-hourly Simple Moving Average. Finally, the price declined below $2.80 and tested $2.74. A low was formed at $2.738 and the price is now consolidating losses below the 23.6% Fib retracement level of the downward move from the $3.040 swing high to the $2.738 low.

The price is now trading below $2.80 and the 100-hourly Simple Moving Average. There is also a key bearish trend line forming with resistance at $2.80 on the hourly chart of the XRP/USD pair.

If the bulls protect the $2.720 support, the price could attempt another increase. On the upside, the price might face resistance near the $2.80 level. The first major resistance is near the $2.820 level. A clear move above the $2.820 resistance might send the price toward the $2.850 resistance.

Any more gains might send the price toward the $2.90 resistance or the 50% Fib retracement level of the downward move from the $3.040 swing high to the $2.738 low. The next major hurdle for the bulls might be near $3.00.

More Losses?

If XRP fails to clear the $2.820 resistance zone, it could continue to move down. Initial support on the downside is near the $2.720 level. The next major support is near the $2.650 level.

If there is a downside break and a close below the $2.650 level, the price might continue to decline toward $2.60. The next major support sits near the $2.50 zone, below which the price could gain bearish momentum.

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 – $2.720 and $2.650.

Major Resistance Levels – $2.850 and $2.90.