XRP Bears Resurface—Key Levels to Watch Now

XRP price started a fresh decline below the $2.450 and $2.350 support levels. The price is now consolidating losses and remains at risk of more losses.

• XRP price started a fresh decline below the $2.350 level.
• The price is now trading below $2.320 and the 100-hourly Simple Moving Average.
• There is a key bearish trend line forming with resistance at $2.250 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair might continue to move down unless there is a close above the $2.3350 resistance zone.

XRP Price Fails To Recover

XRP price failed to continue higher above the $2.50 resistance zone and started a fresh decline, like Bitcoin and Ethereum. There was a move below the $2.35 and $2.250 support levels.

The price even dipped below the $2.20 support to enter a bearish zone. A low was formed at $2.0639 and the price attempted a recovery wave. There was a spike above the 50% Fib retracement level of the downward wave from the $2.604 swing high to the $2.206 low.

However, the bears remained active at $2.350. There is also a key bearish trend line forming with resistance at $2.250 on the hourly chart of the XRP/USD pair.

The price is now trading below $2.30 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $2.250 level. The first major resistance is near the $2.3250 level. The next resistance is $2.40 or the 61.8% Fib retracement level of the downward wave from the $2.604 swing high to the $2.206 low.

A clear move above the $2.40 resistance might send the price toward the $2.50 resistance. Any more gains might send the price toward the $2.550 resistance or even $2.5650 in the near term. The next major hurdle for the bulls might be $2.620.

More Losses?

If XRP fails to clear the $2.250 resistance zone, it could start another decline. Initial support on the downside is near the $2.1480 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 $2.00 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 – $2.1480 and $2.120.

Major Resistance Levels – $2.250 and $2.3250.