XRP price started a fresh decline below the $2.20 zone. The price is now consolidating and might aim for a recovery wave above the $2.120 resistance.
XRP price is currently trading above $2.150 and the 100-hourly Simple Moving Average. There was a break below a key bullish trend line with support at $2.192 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair might start another increase if it clears the $2.120 resistance zone.
XRP price failed to gain pace for a move above the $2.220 level and started a fresh decline, similar to Bitcoin and Ethereum. There was a move below the $0.2150 and $0.2120 levels.
Additionally, there was a break below a key bullish trend line with support at $2.192 on the hourly chart of the XRP/USD pair. The price then tested the $2.050 zone and is now consolidating losses below the 23.6% Fib retracement level of the downward move from the $2.281 swing high to the $2.056 low.
The price is currently trading below $2.120 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $2.120 level, with the first major resistance at $2.150 and the next at $2.1750.
The $2.1750 level is near the 50% Fib retracement level of the downward move from the $2.281 swing high to the $2.056 low. A clear move above the $2.1750 resistance might send the price toward the $2.20 resistance.
Any additional gains could push the price toward the $2.220 resistance or even $2.2420 in the near term. The next major hurdle for the bulls might be $2.250.
If XRP fails to clear the $2.15 resistance zone, it could start another decline. Initial support on the downside is near the $2.050 level, with the next major support at $2.020.
If there is a downside break and a close below the $2.020 level, the price might continue to decline toward the $2.00 support, with the next major support sitting near the $1.920 zone.
Technical indicators show that the hourly MACD for XRP/USD is now gaining pace in the bearish zone, while the hourly RSI (Relative Strength Index) for XRP/USD is below the 50 level.
Major support levels are at $2.050 and $2.020, while major resistance levels are at $2.120 and $2.150.
