XRP price took a fresh tumble from the lofty $2.50 resistance zone. Now, it’s trying to recover and could hit a snag near the $2.42 barrier.
- XRP price stumbled after it couldn’t conquer the $2.50 resistance zone.
- The price is trading south of $2.420 and the 100-hourly Simple Moving Average, like a lost puppy looking for home.
- A break below a connecting bullish trend line with support at $2.440 on the hourly chart of the XRP/USD pair (data from Kraken) seems to have spooked the bulls.
- The pair could extend its losses if it breaks the $2.350 support zone, a scenario that could turn into a real bear market picnic 🐻。
XRP price couldn’t muster the strength to climb above the $2.50 resistance zone and, like a deflated balloon, it reacted with a fresh decline, much like its crypto cousins, Bitcoin and Ethereum. The price dipped below the $2.42 and $2.40 levels, proving that sometimes even the best-laid plans of bears and bulls go astray.
A break below a connecting bullish trend line with support at $2.440 on the hourly chart of the XRP/USD pair sent the price plummeting below $2.35. A new low was set at $2.329, but as fate would have it, the price started to recover, inching back above $2.38. It’s as if XRP decided to take a quick nap, only to wake up and stretch a bit.
The price managed to surpass the 23.6% Fib retracement level of the recent decline from the $2.478 swing high to the $2.329 low. However, it’s currently trading below $2.40 and the 100-hourly Simple Moving Average, a little like a fish trying to swim upstream.
On the upside, the price might face resistance near the $2.40 level and the 50% Fib retracement level of the recent decline from the $2.478 swing high to the $2.329 low. The first major resistance is near the $2.420 level, and the next is at $2.450, where the bears might just be waiting with popcorn 🍿.
A clear move above the $2.450 resistance might send the price toward the $2.50 resistance, and who knows, if the bulls really get their act together, it could even push toward the $2.620 resistance or even $2.6650 in the near term. The next major hurdle for the bulls might be $2.80, but that’s like wishing for a rainbow after a storm.
More Losses?
If XRP fails to clear the $2.420 resistance zone, it could start another decline. Initial support on the downside is near the $2.350 level or the trend line. The next major support is near the $2.320 level, where it might find a temporary home or continue its downward journey.
If there’s a downside break and a close below the $2.320 level, the price might continue to decline toward the $2.20 support, with the next major support sitting near the $2.150 zone. It’s enough to make a bear smile and a bull weep 🐆😢.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now losing pace in the bearish zone, like a runner running out of steam.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level, indicating that the bulls might need a pep talk.
Major Support Levels – $2.350 and $2.320.
Major Resistance Levels – $2.420 and $2.450.
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2025-03-27 07:19