XRP: The Price is Plummeting, and We’re Not Talking About the Weather
It appears XRP has taken a bit of a tumble, old chap. The price has slipped below the $2.120 zone, and it’s now consolidating, which is a lovely way of saying it’s stuck in a rut.
- XRP’s price took a nosedive after it failed to clear the $2.2350 resistance zone, because, well, you can’t have your cake and eat it too, can you?
- The price is now trading below $2.120 and the 100-hourly Simple Moving Average, which is a bit of a mouthful, but basically means it’s in a bit of a pickle.
- There was a break below a short-term contracting triangle with support at $2.080 on the hourly chart of the XRP/USD pair, which is a fancy way of saying it’s lost its footing.
- The pair might extend losses if it fails to clear the $2.120 resistance zone, which is a bit of a doomsday scenario, but let’s not get ahead of ourselves.
XRP Price Trims Gains (and Loses Its Mind)
XRP’s price attempted a recovery wave above the $2.120 and $2.20 resistance levels, but it was like trying to put a square peg in a round hole – it just didn’t fit.
A high was formed at $2.2350, and then, well, the bears came out and played a bit of a cruel joke on the price, sending it plummeting below the $2.150 and $2.120 support levels.
A new weekly low was formed at $1.9832, and now the price is consolidating losses, which is a nice way of saying it’s stuck in a rut.
There was a move above the 23.6% Fib retracement level of the downward move from the $2.235 swing high to the $1.983 low, but it was a bit of a false dawn, old chap.
The 50% and 50% Fib retracement level of the downward move from the $2.235 swing high to the $1.983 low is also near the $2.10 level, which is a bit of a hurdle, but I’m sure it’ll clear it in no time.
More Losses? (Oh Joy)
If XRP fails to clear the $2.10 resistance zone, it could start another decline, because, well, why not, right?
Initial support on the downside is near the $2.020 level, and then there’s the $2.00 level, which is a bit of a safety net, but let’s not get our hopes up.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone, which is a fancy way of saying it’s going down, down, down.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level, which is a bit of a red flag, if you ask me.
Major Support Levels – $2.020 and $2.00, because who needs a social life when you can just stare at a price chart all day?
Major Resistance Levels – $2.10 and $2.1750, because why make things easy, right?
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2025-04-03 07:20