XRP price started a fresh decline below the $2.00 zone. The price is now consolidating and might face hurdles near the $1.880 level.
- XRP price started a fresh decline below the $2.00 and $1.880 levels.
- The price is now trading below $1.850 and the 100-hourly Simple Moving Average.
- There was a break below a connecting bullish trend line with support at $2.120 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might extend losses if it fails to stay above the $1.80 zone.
XRP Price Dips Sharply
XRP price failed to settle above the $2.050 level and started a fresh decline, similar to Bitcoin and Ethereum. The price declined below the $2.00 and $1.950 support levels.
There was a break below a connecting bullish trend line with support at $2.120 on the hourly chart of the XRP/USD pair. Following this, the price slipped below $1.880 and even dipped below the $1.820 mark, forming a low at $1.797. Currently, the price is consolidating these losses.
The asset is now trading below $1.850 and below the 100-hourly Simple Moving Average, indicating a bearish trend. On the upside, XRP will likely face resistance near the $1.850 level with primary resistance positioned at $1.880. This area aligns closely with the 23.6% Fib retracement level of the recent decline from the $2.168 swing high to the $1.797 low.
Should the price manage to breach the $1.950 resistance, it could potentially move towards the $2.00 mark or even challenge the 61.8% Fib retracement level of the aforementioned downturn.
Any further gains could see the price approach the $2.050 resistance level or even push towards the $2.065. However, the next major hurdle for buyers remains at $2.120.
Possible Further Decline?
If XRP fails to breach the $1.880 resistance zone, it may initiate another decline. The initial support on the downside is currently located around the $1.80 level, with the next significant support near $1.7650.
Should the price break down and close below the $1.7650 level, further declines towards the $1.720 support cannot be ruled out, setting the next major support at the $1.650 zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD shows an acceleration in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD remains below the 50 level.
Major Support Levels – $1.80 and $1.7650.
Major Resistance Levels – $1.850 and $1.880.
