XRP Price Sinks Lower, But Chart Whisperers See a Trap for The Bears

XRP price started a downside correction below the $2.50 zone. The price is now consolidating and might find bids near the $2.350 support zone. XRP price started a fresh decline below the $2.550 zone. The price is now trading below $2.50 and the 100-hourly Simple Moving Average. There is a key bearish trend line forming with resistance at $2.420 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair might start another increase if it stays above the $2.350 support. XRP Price Dips Further XRP price started a downside correction from the $2.650 zone, like Bitcoin and Ethereum. The price dipped below the $2.60 and $2.55 levels to enter a short-term bearish zone. The bears were able to push the price below the $2.50 support zone. Finally, the bulls appeared near $2.350. A low was formed at $2.348 and the price is now consolidating losses below the 23.6% Fib retracement level of the downward move from the $2.650 swing high to the $2.348 low. The price is now trading below $2.50 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $2.420 level. There is also a key bearish trend line forming with resistance at $2.420 on the hourly chart of the XRP/USD pair. The first major resistance is near the $2.450 level. The next resistance is $2.50 and the 50% Fib retracement level of the downward move from the $2.650 swing high to the $2.348 low. A clear move above the $2.50 resistance might send the price toward the $2.60 resistance. Any more gains might send the price toward the $2.650 resistance or even $2.680 in the near term. The next major hurdle for the bulls might be $2.80. More Losses? If XRP fails to clear the $2.50 resistance zone, it could start another decline. Initial support on the downside is near the $2.350 level. The next major support is near the $2.320 level. If there is a downside break and a close below the $2.320 level, the price might continue to decline toward the $2.20 support. The next major support sits near the $2.120 zone. Technical Indicators Hourly MACD – The MACD for XRP/USD is now losing pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level. Major Support Levels – $2.350 and $2.320. Major Resistance Levels – $2.420 and $2.50.