The XRP price failed to sustain gains above the $2.40 zone. The price has fallen by over 10% and may even fall towards the $2.00 support zone.

• XRP price has started a downward correction from the resistance zone at $2.50.
• The price is currently below $2.30 and the 100-hour elementary moving average.
• A connecting bearish trend line is forming on the hourly chart of the XRP/USD pair with resistance at $2.26 (data source from Kraken).
• The pair could start another rally if it breaks the resistance at $2.32.

XRP prices are falling again

XRP price did not start a fresh rally above the $2.50 resistance zone. A fresh decline below the $2.35 level has begun, as have Bitcoin and Ethereum. There was a move below the $2.30 and $2.25 levels.

The price even dropped below the $2.20 support. The bottom was formed at USD 1,989 and the price is currently correcting some losses. There was a move above the $2.20 level. The price has risen above the 23.6% Fib retracement level, a downward move from a high of $2.64 to a low of $1.98.

The price is currently below $2.30 and the 100-hour elementary moving average. On the downside, the price may face resistance near the $2.20 level. The first major resistance is near the $2,250 level.

A converging bearish trend line is also forming on the hourly chart of the XRP/USD pair with resistance at $2.26. The next resistance is at $2.30 or the 50% Fib retracement level as it moves down from a high at $2.64 to a low at $1.98. A clear move above the resistance at $2.30 could push the price towards the resistance at $2,350.

Further increases could push the price towards the resistance level of $2.40 or even $2.420 in the near future. The next major hurdle for bulls could be the price of $2,550.

More losses?

If XRP fails to break the resistance zone at $2,250, another decline could begin. Initial downside support is near the $2,050 level. The next vital support is near the $2.00 level.

If there is a breakout to the downside and a close below the $2.00 level, the price could continue to fall towards the $1,880 support. The next major support is located near the $1,750 zone.

Technical indicators

Hourly MACD – The MACD for XRP/USD is currently gaining momentum in a bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently below the 50 level.

Main support levels – USD 2.0500 and USD 2.0000.

Major resistance levels – $2.2500 and $2.3000.