The price of $XRP started a new decline below the zone of $2.220. Currently, the price is correcting losses and may attempt a move above the resistance of $2.20. The price is trading below $2.20 and the 100-hour Simple Moving Average. There is a key downtrend line forming with resistance at $2.2180 on the hourly chart of the XRP/USD pair. The pair may initiate another decline if it fails to break above the level of $2.220.
The price of $XRP failed to break through the resistance of $0.3250 and started a new decline, similar to Bitcoin and Ethereum. There was a movement below the support levels of $0.2800 and $0.2620, even dropping below the support of $0.20. A low was formed at $0.2081 and the price is now consolidating losses, with a slight move above the level of $0.2120. The price is trading below $2.220 and the 100-hour Simple Moving Average.
At the high, the price may face resistance near the level of $2.20, with the first significant resistance near $2.220. There is also a key downtrend line forming with resistance at $2.2180 on the hourly chart of the XRP/USD pair. The next resistance is $2.250, and a clear move above this resistance could push the price towards the resistance of $2.280. Further gains could drive the price towards the resistance of $2.30 or even $2.3250 in the short term. The next major hurdle for the bulls may be $2.40.
If the $XRP fails to break through the resistance zone of $2.220, it may initiate another decline. The initial support on the downside is near the level of $2.1250, with the next significant support near the level of $2.080. If there is a breakdown and a close below the level of $2.080, the price may continue to fall towards the support of $2.050. The next significant support is near the zone of $2.00.
Technical Indicators: The hourly MACD for XRP/USD is gaining momentum in the bearish zone. The hourly RSI for XRP/USD is now below the level of 50. Key Support Levels – $2.120 and $2.080. Key Resistance Levels – $2.20 and $2.220.
