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XRP price started a fresh decline below the $2.120 zone. The price is now consolidating above $2.00 and remains at risk of more losses below $2.00.
- XRP price started a fresh decline below the $2.150 zone.
- The price is now trading below $2.120 and the 100-hourly Simple Moving Average.
- There is a key bearish trend line forming with resistance at $2.10 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might extend losses if there is a close below the $2.00 support zone.
XRP Price Dips Again
XRP price started another decline below the $2.20 zone, like Bitcoin and Ethereum. The price traded below the $2.150 and $2.120 levels to enter a bearish zone.
The price even spiked below $2.050 before the bulls appeared. A low was formed at $2.036 and the price is now consolidating losses. There was a minor increase above the $2.10 level. However, the bears were active near the 50% Fib retracement level of the downward move from the $2.184 swing high to the $2.036 low.
The price is now trading below $2.10 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $2.10 level. There is also a key bearish trend line forming with resistance at $2.10 on the hourly chart of the XRP/USD pair.
The first major resistance is near the $2.1280 level and the 61.8% Fib retracement level of the downward move from the $2.184 swing high to the $2.036 low. The next resistance is $2.1850. A clear move above the $2.1850 resistance might send the price toward the $2.250 resistance. Any more gains might send the price toward the $2.320 resistance or even $2.350 in the near term. The next major hurdle for the bulls might be $2.50.
More Losses?
If XRP fails to clear the $2.10 resistance zone, it could start another decline. Initial support on the downside is near the $2.040 level. The next major support is near the $2.00 level.
If there is a downside break and a close below the $2.00 level, the price might continue to decline toward the $1.920 support. The next major support sits near the $1.840 zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major Support Levels – $2.040 and $2.00.
Major Resistance Levels – $2.10 and $2.1850.
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