XRP price started a fresh decline below the $2.080 zone. The price is now recovering some losses and might face hurdles near the $2.150 level.
- XRP price started a fresh decline after it failed to clear the $2.20 resistance zone.
- The price is now trading below $2.120 and the 100-hourly Simple Moving Average.
- There is a connecting 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 it fails to clear the $2.150 resistance zone.
XRP Price Faces Resistance
XRP price failed to continue higher above the $2.20 resistance zone and reacted to the downside, like Bitcoin and Ethereum. The price declined below the $2.150 and $2.10 levels.
The pair even declined below the $2.050 zone, forming a low at $2.023. The price is now attempting a recovery wave, with a move above the $2.050 level and a cleared 23.6% Fibonacci retracement level of the recent decline from the $2.215 swing high to the $2.023 low.
Currently, XRP is trading below $2.120 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $2.10 level, with a connecting bearish trend line forming resistance at the same level on the hourly chart. This trend line aligns with the 50% Fibonacci retracement level of the recent decline from $2.215 to $2.023.
The first major resistance lies near the $2.150 level, followed by the next resistance at $2.1680. A clear move above the $2.1680 resistance may boost the price towards the $2.20 zone. A sustained push could lead to the next significant resistance near $2.220 or even $2.250 soon, with a potential hurdle at $2.2880 for bullish trends.
Another Decline?
If XRP fails to overcome the $2.120 resistance zone, it could initiate another decline. Initial support on the downside is around the $2.050 level, with the next major support at $2.020.
Should the price break down and close below the $2.020 threshold, it may continue to decline towards the critical $2.00 support level. The following significant support appears at approximately $1.880.
Technical Indicators:
- Hourly MACD: The MACD for XRP/USD is currently losing momentum in the bearish zone.
- Hourly RSI (Relative Strength Index): The RSI for XRP/USD is above the 50 level, suggesting a potentially bullish outlook.
- Major Support Levels: $2.050 and $2.020.
- Major Resistance Levels: $2.120 and $2.150.
