XRP price has started a new round of decline below $2.3350. The current price is recovering and is expected to break above $2.40.
XRP price has begun to drop below the $2.40 area.
The current price is close to $2.350 and the 100-hour simple moving average.
On the XRP/USD hourly chart, a connecting bearish trend line has formed, with resistance at $2.3620 (data sourced from Kraken).
If the currency pair remains below the resistance at $2.420, it may start to decline again.
XRP price is expected to break upwards.
Unlike Bitcoin and Ethereum, XRP price began a new round of decline after breaking below the $2.420 area. The price fell below the levels of $2.40 and $2.3650. The price tested the $2.3150 area.
The price formed a low at $2.3157 and is currently attempting to rebound. The price has broken above the levels of $2.335 and $2.350. The price tested the 50% Fibonacci retracement level of the downward move from the $2.4068 swing high to the $2.3157 swing low.
However, the price is currently facing resistance around $2.3650. On the XRP/USD hourly chart, there is also a connecting bearish trend line with resistance at $2.3620.
The current price is trading near $2.35 and the 100-hour simple moving average. On the upside, the price may face resistance near $2.3650. The first major resistance is around $2.3850. This level is close to the 76.4% Fibonacci retracement level of the downward move from the $2.4068 swing high to the $2.3157 swing low.
The next resistance level is $2.420. If the price clearly breaks above the resistance at $2.420, it may push higher to the resistance at $2.450. If the price continues to rise, it could further drop towards $2.50, or even $2.550 in the short term. The next major resistance level for the bulls could be $2.650.
Another decline?
If XRP fails to break above the $2.420 resistance, a new round of decline may begin. On the downside, the initial support level is around $2.3150. The next major support level is around $2.30.
If a downward breakout occurs and closes below $2.30, the price may continue to decline towards the support level at $2.220. The next major support level is around the $2.20 area.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is currently losing momentum within the bearish zone.
Hourly RSI (Relative Strength Index) — The RSI for XRP/USD is now above the 50 level.
Major support levels — $2.3150 and $2.30.
Major resistance levels — $2.420 and $2.50.
