NewsBTC
19 December 2024
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XRP Price Declines Below $2.20 Support Level Amidst Fresh Downtrend

XRP price has begun a decline below the $2.350 zone, retesting the $2.20 support and currently attempting a recovery.

  • XRP price declined from the $2.720 zone.
  • The price is trading below $2.50 and the 100-hourly Simple Moving Average.
  • A bearish trend line is forming with resistance at $2.45 on the hourly chart of the XRP/USD pair (data source: Kraken).
  • A potential increase may occur if the price clears the $2.40 resistance.

XRP Price Dives To $2.20

XRP price failed to rise above $2.50, starting a decline similar to Bitcoin and Ethereum. The price fell below $2.45 and $2.40 levels.

The price dropped over 5%, falling below the $2.320 support and hitting a low of $2.171. Currently, it is correcting losses and has moved above the $2.250 level.

The price surpassed the 23.6% Fib retracement level of the downward move from $2.720 to $2.171. It remains below $2.50 and the 100-hourly Simple Moving Average.

Resistance is expected near the $2.40 level, with major resistance at $2.450. The bearish trend line near this level aligns with the 50% Fib retracement level of the previous decline.

XRP Price

The next resistance is at $2.50. A clear move above this level could push the price towards $2.55, with further gains potentially reaching $2.620 or $2.80. A significant hurdle for bulls lies at $3.00.

Are Dips Supported?

If XRP does not clear the $2.40 resistance, another decline may begin, with initial support near $2.25 and major support at $2.20.

A downside break and close below $2.20 could lead to further declines towards the $2.050 support, with additional major support around the $2.00 zone.

Technical Indicators:

  • Hourly MACD: Losing pace in the bearish zone.
  • Hourly RSI: Below the 50 level.
  • Major Support Levels: $2.20 and $2.050.
  • Major Resistance Levels: $2.40 and $2.450.