XRP is at Risk of a New Decline
XRP/USD pair was unable to surge past the barrier at $0.2400. The price is moving to the downside at the moment, and it appears at risk of falling under $0.2300 and $0.2240.
In recent times, the price recovered decently over barriers at $0.2320 and $0.2350. It was able to surge over the barrier $0.2400 resistance and the 100 hourly SMA.
Nevertheless, the price could not secure momentum and topped close to $0.2420 zone. It was able to form a high close to $0.2415 and began a downward move. It surged past $0.2380 and $0.2350.
Moreover, XRP is currently trading beneath $0.2320 and the 100 hourly simple moving average. The next support is close to $0.2300. The price may visit the major support zone at $0.2240 if it breaks through the downside.
A look at the upside on the hourly chart of XRP against the USD shows that the buyers are encountering several resistances close to $0.2380 and $0.2400. A critical observation on the chart shows that the price is following a major declining trend line with a barrier close to $0.2350.
Hence, the price needs to close over the barrier zone at $0.2400 to begin a powerful rise. The immediate major resistances are observed close to $0.2500 and $0.2550.
The price may fall heavily if it keeps struggling close to $0.2380 and $0.2400. The major support is close to $0.2240, and a move beneath it could lead to $0.2200.
If the price declines, it may keep declining beneath $0.2150 and could visit the $0.2120 support zone in the near term.
Featured image courtesy of Shutterstock. Source: Cryptopress.