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XRP price started a fresh decline below $2.050. The price is now struggling and faces resistance near the $2.050 pivot level.
- XRP price started a fresh decline below the $2.050 zone.
- The price is now trading below $2.050 and the 100-hourly Simple Moving Average.
- There is a bearish trend line forming with resistance at $2.080 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could continue to move down if it settles below $2.00.
XRP Price Dips Further
XRP price attempted a recovery wave above $2.120 but failed to continue higher, like Bitcoin and Ethereum. The price started a fresh decline below $2.050 and $2.020.
There was a move below the $2.00 support level. A low was formed at $1.957, and the price is now consolidating losses below the 23.6% Fib retracement level of the downward move from the $2.141 swing high to the $1.9575 low.
The price is now trading below $2.050 and the 100-hourly Simple Moving Average. If there is a fresh upward move, the price might face resistance near the $2.050 level and the 50% Fib retracement level of the downward move from the $2.141 swing high to the $1.9575 low.
The first major resistance is near the $2.080 level. There is also a bearish trend line forming with resistance at $2.080 on the hourly chart of the XRP/USD pair. A close above $2.080 could send the price to $2.120. The next hurdle sits at $2.150. A clear move above the $2.150 resistance might send the price toward the $2.20 resistance. Any more gains might send the price toward the $2.250 resistance. The next major hurdle for the bulls might be near $2.320.
More Losses?
If XRP fails to clear the $2.080 resistance zone, it could start a fresh decline. Initial support on the downside is near the $1.950 level. The next major support is near the $1.920 level.
If there is a downside break and a close below the $1.920 level, the price might continue to decline toward $1.880. The next major support sits near the $1.8450 zone, below which the price could continue lower toward $1.80.
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 – $1.950 and $1.920.
Major Resistance Levels – $2.050 and $2.080.
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