XRP Price Slides Lower — What’s Fueling the Continued Downside?

XRP price started a fresh decline from the $2.350 zone. The price is now moving lower and is currently at risk of more losses below $2.30.

• XRP price started a fresh decline below the $2.30 zone.
• The price is now trading below $2.350 and the 100-hourly Simple Moving Average.
• There is a new connecting bearish trend line forming with resistance at $2.305 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair might start another increase if it clears the $2.350 resistance.

XRP price found support at $2.265 and recently started a recovery wave, following Bitcoin and Ethereum. There was a move above the $2.30 and $2.32 resistance levels,

There was a move above the 23.6% Fib retracement level of the downward move from the $2.4767 swing high to the $2.2670 low. However, the bears were active near the $2.350 level. There is also a new connecting bearish trend line forming with resistance at $2.305 on the hourly chart of the XRP/USD pair.

The price is now trading below $2.35 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $2.305 level and the trend line.

The first major resistance is near the $2.340 level. The next resistance is $2.3720. It is near the 50% Fib retracement level of the downward move from the $2.4767 swing high to the $2.2670 low.

A clear move above the $2.370 resistance might send the price toward the $2.40 resistance. Any more gains might send the price toward the $2.420 resistance or even $2.450 in the near term. The next major hurdle for the bulls might be $2.50.

If XRP fails to clear the $2.3720 resistance zone, it could start another decline. Initial support on the downside is near the $2.280 level. The next major support is near the $2.2650 level.

If there is a downside break and a close below the $2.2650 level, the price might continue to decline toward the $2.2350 support. The next major support sits near the $2.20 zone.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.

Major Support Levels – $2.2650 and $2.2350.

Major Resistance Levels – $2.3720 and $2.420.