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

XRP worth began a contemporary decline beneath $2.50. The worth is now displaying bearish indicators and may prolong losses beneath $2.280.

  • XRP worth is shifting decrease beneath the $2.40 zone.
  • The worth is now buying and selling beneath $2.40 and the 100-hourly Simple Moving Average.
  • There is a key bearish pattern line forming with resistance at $2.40 on the hourly chart of the XRP/USD pair (information supply from Kraken).
  • The pair might begin a contemporary enhance if it clears the $2.50 resistance.

XRP Price Dips Further

XRP worth remained beneath the $2.60 barrier and began a contemporary decline, like Bitcoin and Ethereum. The worth dipped beneath $2.420 and $2.40 to enter a short-term bearish zone.

The worth even spiked beneath $2.30. A low was fashioned at $2.287, and the worth is now consolidating losses. There was a minor restoration, and the worth examined the 23.6% Fib retracement degree of the current decline from the $2.647 swing high to the $2.287 low.

The worth is now buying and selling beneath $2.40 and the 100-hourly Simple Moving Average. Besides, there’s a key bearish pattern line forming with resistance at $2.40 on the hourly chart of the XRP/USD pair.

If there’s a contemporary upward transfer, the worth may face resistance close to the $2.40 degree and the pattern line. The first main resistance is close to the $2.450 degree, above which the worth might rise and check the 50% Fib retracement degree of the current decline from the $2.647 swing high to the $2.287 low at $2.467.

A transparent transfer above the $2.4670 resistance may ship the worth towards the $2.50 resistance. Any extra good points may ship the worth towards the $2.550 resistance. The subsequent main hurdle for the bulls may be close to $2.60.

Another Drop?

If XRP fails to clear the $2.40 resistance zone, it might begin a contemporary decline. Initial help on the draw back is close to the $2.30 degree. The subsequent main help is close to the $2.280 degree.

If there’s a draw back break and an in depth beneath the $2.280 degree, the worth may proceed to say no towards $2.250. The subsequent main help sits close to the $2.220 zone, beneath which the worth might proceed decrease towards $2.120.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now gaining tempo within the bearish zone.

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

Major Support Levels – $2.30 and $2.280.

Major Resistance Levels – $2.40 and $2.450.

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