XRP Price Analysis

XRP price is struggling to clear the $2.60 and $2.70 levels, currently risking downsides below the $2.50 support zone.

• XRP price started a fresh decline below the $2.620 level.
• The price is now trading below $2.60 and the 100-hourly Simple Moving Average.
• A connecting bearish trend line is forming with resistance at $2.5650 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair might start a fresh increase if it clears the $2.60 resistance zone.

XRP Price Dips To Support

XRP price attempted to gain traction above the $2.750 level; however, the bears kept the price in check, initiating a decline below the $2.650 support, similar to Bitcoin’s trends.

The price went below $2.60, testing the $2.50 support. A low was noted at $2.508, and recovery efforts are underway, as the price has risen above the 23.6% Fib retracement level from the downward wave of $2.7450 to $2.508.

Currently, the price is trading below $2.60 and the 100-hourly Simple Moving Average. On the upside, resistance could be encountered near the $2.5650 level, with a bearish trend line also forming.

The primary resistance lies at the $2.60 level, followed by $2.620, which is the 50% Fib retracement level from the aforementioned downward wave.

A clear move above the $2.620 resistance might push the price towards $2.650. Significant gains could lead the price to $2.720 or even $2.750 soon. The next considerable challenge for bulls could be $2.850.

More Losses?

If XRP cannot clear the $2.60 resistance, another decline may be imminent. Initial downside support rests near $2.520, with the next significant support at the $2.50 mark.

Should there be a downward break and a close below the $2.50 level, the price could continue to decline toward $2.40, with the next major support residing near $2.320.

Technical Indicators

• Hourly MACD: The MACD for XRP/USD is gaining momentum in the bearish zone.
• Hourly RSI (Relative Strength Index): The RSI for XRP/USD is positioned below the 50 level.
• Major Support Levels: $2.520 and $2.50.
• Major Resistance Levels: $2.60 and $2.620.