XRP Price Faces Pressure – Another Dip Raises | Crypto News
XRP price tried a recovery wave above the $2.850 zone but failed. The price is again transferring decrease and would possibly decline again below the $2.720 zone.
- XRP price is transferring decrease below the $2.850 help zone.
- The price is now trading below $2.840 and the 100-hourly Simple Moving Average.
- There was a break below a connecting bullish pattern line with help at $2.850 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair may continue to transfer down if it dips below $2.720.
XRP Price Dips Below Support
XRP price tried a recovery wave above the $2.90 stage, beating Bitcoin and Ethereum. The price was in a position to surpass the $2.90 and $2.92 resistance ranges before the bears appeared.
A high was fashioned at $2.995 and the price began a contemporary decline. There was a drop below the $2.90 help. Besides, there was a break below a connecting bullish pattern line with help at $2.850 on the hourly chart of the XRP/USD pair.
A low was fashioned at $2.724 and the price is now consolidating below the 23.6% Fib retracement stage of the latest decline from the $2.995 swing high to the $2.724 low.
The price is now trading below $2.850 and the 100-hourly Simple Moving Average. On the upside, the price would possibly face resistance close to the $2.788 stage. The first major resistance is close to the $2.850 stage and the 50% Fib retracement stage of the latest decline from the $2.995 swing high to the $2.724 low.
A clear transfer above the $2.850 resistance would possibly ship the price toward the $2.920 resistance. Any more positive factors would possibly ship the price toward the $2.950 resistance. The next major hurdle for the bulls is likely to be close to $3.00.
Another Decline?
If XRP fails to clear the $2.850 resistance zone, it may continue to transfer down. Initial help on the draw back is close to the $2.720 stage. The next major help is close to the $2.680 stage.
If there may be a draw back break and a close below the $2.680 stage, the price would possibly continue to decline toward $2.6150. The next major help sits close to the $2.60 zone, below which the price may gain bearish momentum.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining tempo in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 stage.
Major Support Levels – $2.720 and $2.680.
Major Resistance Levels – $2.850 and $2.920.
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