XRP Price Faces Pressure – Another Dip Raises Concerns Of Extended Decline

XRP price attempted a recovery wave above the $2.850 zone but ￰0￱ price is again moving lower and might decline again below the $2.720 ￰1￱ price is moving lower below the $2.850 support ￰2￱ price is now trading below $2.840 and the 100-hourly Simple Moving ￰3￱ was a break below a connecting bullish trend line with support at $2.850 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could continue to move down if it dips below $2.720. XRP Price Dips Below Support XRP price attempted a recovery wave above the $2.90 level, beating Bitcoin and ￰4￱ price was able to surpass the $2.90 and $2.92 resistance levels before the bears appeared.

A high was formed at $2.995 and the price started a fresh ￰5￱ was a drop below the $2.90 support. Besides, there was a break below a connecting bullish trend line with support at $2.850 on the hourly chart of the XRP/USD pair. A low was formed at $2.724 and the price is now consolidating below the 23.6% Fib retracement level of the recent decline from the $2.995 swing high to the $2.724 ￰6￱ price is now trading below $2.850 and the 100-hourly Simple Moving ￰7￱ the upside, the price might face resistance near the $2.788 ￰8￱ first major resistance is near the $2.850 level and the 50% Fib retracement level of the recent decline from the $2.995 swing high to the $2.724 low.

A clear move above the $2.850 resistance might send the price toward the $2.920 ￰9￱ more gains might send the price toward the $2.950 ￰10￱ next major hurdle for the bulls might be near $3.00. Another Decline? If XRP fails to clear the $2.850 resistance zone, it could continue to move ￰11￱ support on the downside is near the $2.720 ￰12￱ next major support is near the $2.680 ￰13￱ there is a downside break and a close below the $2.680 level, the price might continue to decline toward $2.6150. The next major support sits near the $2.60 zone, below which the price could gain bearish ￰14￱ Indicators Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish ￰15￱ RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 ￰16￱ Support Levels – $2.720 and $2.680.

Major Resistance Levels – $2.850 and $2.920.