XRP Price Stays Weak — Bearish Outlook Intact Under $2.60 Resistance

XRP price started a fresh decline from $2.550. The price is now showing bearish signs and is at risk of another decline in the near ￰0￱ price failed to continue higher above $2.550 and corrected some ￰1￱ price is now trading below $2.50 and the 100-hourly Simple Moving ￰2￱ is a bearish trend line forming with resistance at $2.580 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could start a fresh increase if it stays above $2.410. XRP Price Dips Again XRP price formed a short-term top near $2.550 and started a downside correction, like Bitcoin and ￰3￱ price dipped below the $2.520 and $2.50 ￰4￱ was a move below the 50% Fib retracement level of the upward wave from the $2.377 swing low to the $2.552 ￰5￱ price even spiked below $2.42 but remained stable above $2.40.

Besides, there is a bearish trend line forming with resistance at $2.580 on the hourly chart of the XRP/USD ￰6￱ price is now trading below $2.50 and the 100-hourly Simple Moving ￰7￱ there is a fresh upward move, the price might face resistance near the $2.480 ￰8￱ first major resistance is near the $2.50 level, above which the price could rise and test $2.550. A clear move above the $2.550 resistance might send the price toward the $2.580 resistance and the trend ￰9￱ more gains might send the price toward the $2.650 ￰10￱ next major hurdle for the bulls might be near $2.720. More Losses? If XRP fails to clear the $2.580 resistance zone, it could start a fresh ￰11￱ support on the downside is near the $2.410 level and the 76.4% Fib retracement level of the upward wave from the $2.377 swing low to the $2.552 ￰12￱ next major support is near the $2.380 ￰13￱ there is a downside break and a close below the $2.380 level, the price might continue to decline toward $2.320.

The next major support sits near the $2.250 zone, below which the price could continue lower toward $2.20. 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 – $2.410 and $2.380. Major Resistance Levels – $2.550 and $2.580.