XRP Price Gains Fade, Market Turns Cautious After Another Weak Session

XRP price failed to stay above $2.350 and trimmed gains. The price is now consolidating and might struggle to stay above $2.150 in the near term.

XRP price failed to continue higher above $2.420 and corrected lower.
The price is now trading below $2.30 and the 100-hourly Simple Moving Average.
There was a break below a bullish trend line with support at $2.360 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could continue to move down if it dips below $2.150.

XRP Price Dips Again

XRP price started a recovery wave above $2.25 and $2.30, like Bitcoin and Ethereum. The price even attempted a move above $2.40 but failed to clear $2.42.

A high was formed at $2.414 and the price started a fresh decline. There was a drop below $2.33 and $2.32 levels. The price traded below the 50% Fib retracement level of the upward move from the $2.066 swing low to the $2.414 high.

Besides, there was a break below a bullish trend line with support at $2.360 on the hourly chart of the XRP/USD pair. The price is now trading below $2.30 and the 100-hourly Simple Moving Average.

The bulls are now active near $2.20 and the 61.8% Fib retracement level of the upward move from the $2.066 swing low to the $2.414 high. If there is a fresh upward move, the price might face resistance near the $2.30 level. The first major resistance is near the $2.350 level, above which the price could rise and test $2.420.

A clear move above the $2.420 resistance might send the price toward the $2.50 resistance. Any more gains might send the price toward the $2.550 resistance. The next major hurdle for the bulls might be near $2.650.

Another Decline?

If XRP fails to clear the $2.30 resistance zone, it could start a fresh decline. Initial support on the downside is near the $2.20 level. The next major support is near the $2.150 level.

If there is a downside break and a close below the $2.150 level, the price might continue to decline toward $2.050. The next major support sits near the $2.00 zone, below which the price could continue lower toward $1.840.

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 – $2.20 and $2.150.

Major Resistance Levels – $2.30 and $2.420.