XRP Bulls Lose Momentum as New Signs Indicate Potential Decline

XRP's value has recently risen above $2.220 but now faces challenges at $2.280, suggesting a possible decline below $2.150.

Key Takeaways

XRP began an upward trend surpassing the $2.20 mark.
Current trading price is around $2.180, near the 100-hour Simple Moving Average.
A bearish trend line is forming, creating resistance at around $2.2250 on the XRP/USD hourly chart (source: Kraken).
The price may continue to drop if it falls below $2.150.

XRP Price Warning

XRP Price Encounters Resistance

The price of XRP has risen notably above the $2.120 and $2.150 levels, following in the footsteps of major cryptocurrencies like Bitcoin and Ethereum. This increase saw XRP surpass the $2.20 resistance point.

XRP reached a peak of $2.286 before beginning a downward adjustment. During this correction, it fell below the 23.6% Fibonacci retracement level from its recent low of $1.817 to the high of $2.286. Currently, the price hovers around $2.180, aligned with the 100-hourly Simple Moving Average. Moreover, a bearish trend line is emerging with resistance marked at $2.2250 on the hourly XRP/USD chart.

XRP Price
Source: XRPUSD on TradingView.com

If an upward movement occurs, XRP may face challenges at the $2.2250 level. The primary resistance is located near $2.250, and if the price rises above this point, it might aim to reach $2.2850. Surpassing $2.2850 could propel XRP toward the $2.350 level, with further gains possibly targeting $2.4320. The next significant challenge for buyers will be near the $2.50 mark.

Potential for Further Decline?

If XRP cannot break through the $2.250 resistance, it may initiate a downward trend. Initial support can be found near the $2.150 level, with the next significant support at $2.10.

Should the price break down and close below $2.10, it could further slide toward $2.050, aligning with the 50% Fibonacci retracement from its swing low of $1.817 to its peak of $2.286. The next substantial support area lies around $2.00, beneath which the price could continue to decrease towards $1.9250.

Technical Indicators

Hourly MACD: The MACD for XRP/USD is losing momentum within the bullish zone.
Hourly RSI (Relative Strength Index): The RSI for XRP/USD is currently below the 50 mark.
Major Support Levels: $2.150 and $2.050.
Major Resistance Levels: $2.250 and $2.280.

This summary helps provide a clearer picture of the current market conditions for XRP and what potential traders should keep in mind.