XRP has started to decline below the $2.3350 area. The price is currently recovering losses and may aim for a spike above $2.40.

  • The price of XRP has started to decline below $2.40.

  • The price is currently trading at around $2.350 and the 100-hour simple moving average.

  • There is a connecting downtrend line forming with resistance at $2.3620 on the hourly chart of the XRP/USD pair (data source from Kraken).

  • This pair may continue to decline if it remains below the resistance level of $2.420.

XRP Price Aiming for a Bullish Breakout

The price of XRP has started to decline below the $2.420 area, unlike Bitcoin and Ethereum. There is a downward move below $2.40 and $2.3650. The price has tested the $2.3150 area.

A low has formed at $2.3157 and the price is currently trying to recover. There is a move above $2.335 and $2.350. The price has tested the 50% Fib retracement level of the downward move from the high of $2.4068 to the high of $2.3157.

However, the price is currently facing a barrier near $2.3650. There is also a connecting downtrend line forming with resistance at $2.3620 on the hourly chart of the XRP/USD pair.

The price is currently trading near $2.35 and the 100-hour simple moving average. On the bullish side, the price may encounter resistance near $2.3650. The first major resistance level is near $2.3850. It is close to the 76.4% Fib retracement level of the downward move from the high of $2.4068 to the high of $2.3157.

The next resistance level is $2.420. A clear move above the resistance level of $2.420 could push the price up to the resistance level of $2.450. Any further increase could push the price up to the resistance level of $2.50 or even $2.550 in the near future. The next major barrier for buyers could be $2.650.

Another Correction?

If XRP does not break through the resistance area of $2.420, it may start another downward wave. Initial support on the downside is near $2.3150. The next key support is near $2.30.

If there is a break of the downtrend and a close below $2.30, the price may continue to decrease to the support level of $2.220. The next key support level is near the $2.20 area.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is currently slowing down in the bearish zone.

RSI (Relative Strength Index) hourly – The RSI for XRP/USD is currently above 50.

Key support – $2.3150 and $2.30.

Major resistance – $2.420 and $2.50.