XRP Price Slips Again, Bears Tighten Grip As Momentum Turns Negative

XRP price started a fresh decline below $2.50. The price is now showing bearish signs and might extend losses below $2.280. XRP price is moving lower below the $2.40 ￰0￱ price is now trading below $2.40 and the 100-hourly Simple Moving ￰1￱ is a key bearish trend line forming with resistance at $2.40 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could start a fresh increase if it clears the $2.50 ￰2￱ Price Dips Further XRP price remained below the $2.60 barrier and started a fresh decline, like Bitcoin and ￰3￱ price dipped below $2.420 and $2.40 to enter a short-term bearish ￰4￱ price even spiked below $2.30.

A low was formed at $2.287, and the price is now consolidating ￰5￱ was a minor recovery, and the price tested the 23.6% Fib retracement level of the recent decline from the $2.647 swing high to the $2.287 ￰6￱ price is now trading below $2.40 and the 100-hourly Simple Moving Average. Besides, there is a key bearish trend line forming with resistance at $2.40 on the hourly chart of the XRP/USD ￰7￱ there is a fresh upward move, the price might face resistance near the $2.40 level and the trend ￰8￱ first major resistance is near the $2.450 level, above which the price could rise and test the 50% Fib retracement level of the recent decline from the $2.647 swing high to the $2.287 low at $2.467.

A clear move above the $2.4670 resistance might send the price toward the $2.50 ￰9￱ more gains might send the price toward the $2.550 ￰10￱ next major hurdle for the bulls might be near $2.60. Another Drop? If XRP fails to clear the $2.40 resistance zone, it could start a fresh ￰11￱ support on the downside is near the $2.30 ￰12￱ next major support is near the $2.280 ￰13￱ there is a downside break and a close below the $2.280 level, the price might continue to decline toward $2.250. The next major support sits near the $2.220 zone, below which the price could continue lower toward $2.120.

Technical Indicators Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish ￰14￱ RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 ￰15￱ Support Levels – $2.30 and $2.280. Major Resistance Levels – $2.40 and $2.450.