XRP Price Dips Again

XRP failed to clear $2.80 and the 50-day simple moving average (blue). The price might dive unless the bulls remain active near $2.450.

XRP price failed to clear $2.80 and the 50-day simple moving average (blue). The price might dive unless the bulls remain active near $2.450.

XRP Price Dips Again

In the last technical analysis, we discussed how XRP found support near the $1.780 zone and started a decent increase. Later, it formed a base above the $2.10 level and gained bullish momentum. It rallied above the $2.50 resistance, beating Bitcoin and Ethereum.

The bulls pushed the price above the 50% Fib retracement level of the downward wave from the $3.40 swing high to the $1.780 low. The price even spiked above the 50-day simple moving average (blue), but the bears remained active near the $2.80 zone.

XRP price failed to surpass the 61.8% Fib retracement level of the downward wave from the $3.40 swing high to the $1.780 low. More importantly, it remained below the key bearish trend line with current resistance at $2.80 on the daily chart.

The price is again back below the $2.70 level and the 50-day simple moving average (blue). The last 3-4 daily candles suggest an increase in bearish pressure, with major support at $2.450.

If the bulls remain active and attempt another increase, they could face resistance near the $2.70 level and the 50-day simple moving average (blue). The main hurdle is now forming near the same trend line at $2.80.

A close above the $2.80 level might decrease the bearish pressure and send the price toward the $2.92 resistance. The next key resistance is now forming near the $3.00 zone. A clear move above the $3.00 resistance could set the pace for a larger increase. In the stated case, the price could rally and test the $3.20 resistance. The next major resistance is near the $3.40 level.

Recently, Ripple revamped and shared details of a new look in their products, with the same vision of building the Internet of Value.

More Losses?

Conversely, XRP price might struggle to surge above the $2.70 resistance and start another decline. Immediate support is near the $2.450 level, below which the price might gain bearish momentum.

The first major support sits near the $2.250 level. The next major support is near the $2.160 level. A daily close below the $2.160 level could spark another major decline. In the stated case, the bears might aim for a move toward the $2.00 support. The next target for the bears could be $1.7850. Any more losses might send the price toward the $1.5350 support.

Overall, XRP price is signaling a rejection pattern from the $2.80 resistance. To start a fresh increase, it must settle above $2.70 and then $2.80. If not, the bears could aim for a drop toward the $2.00 level.