XRP Price Under Fire – Extended Decline Raises Fears Of Another Major Sell-Off

XRP price started a fresh decline below $2.850. The price is now struggling and might continue to move down if it trades below $2.780.

XRP price is slowly moving lower below the $2.850 zone.
The price is now trading below $2.850 and the 100-hourly Simple Moving Average.
There is a key bearish trend line forming with resistance at $2.8350 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could start a fresh decline if it settles below $2.780.

XRP Price Dips Again

XRP price failed to stay above $2.950 and started a fresh decline, like Bitcoin and Ethereum. The price declined below $2.920 and $2.90 to enter a short-term bearish zone.

The price tested the $2.770 zone and recently attempted a recovery wave. It is now approaching the 23.6% Fib retracement level of the downward move from the $3.05 swing high to the $2.770 swing low. However, the price could face hurdles near $2.850.

The price is now trading below $2.850 and the 100-hourly Simple Moving Average. Besides, there is a key bearish trend line forming with resistance at $2.8350 on the hourly chart of the XRP/USD pair. If there is a fresh upward move, the price might face resistance near the $2.8350 level.

The first major resistance is near the $2.90 level. A clear move above the $2.880 resistance might send the price toward the $2.950 resistance and the 61.8% Fib retracement level of the downward move from the $3.05 swing high to the $2.770 swing low. Any more gains might send the price toward the $3.00 resistance. The next major hurdle for the bulls might be near $3.050.

More Losses?

If XRP fails to clear the $2.920 resistance zone, it could start a fresh decline. Initial support on the downside is near the $2.780 level. The next major support is near the $2.750 level.

If there is a downside break and a close below the $2.750 level, the price might continue to decline toward $2.720. The next major support sits near the $2.650 zone, below which the price could continue lower toward $2.60.

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 – $2.780 and $2.750.

Major Resistance Levels – $2.90 and $2.920.