XRP price started a fresh decline below the $1.750 zone and tested $1.60. The price is now correcting losses and facing hurdles near the $2.00 level.
- XRP price started a fresh decline below the $1.950 and $1.80 levels.
- The price is now trading below $1.950 and the 100-hourly Simple Moving Average.
- There is a connecting bearish trend line forming with resistance at $1.935 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might extend losses if it fails to clear the $2.00 resistance zone.
XRP Price Faces Resistance
XRP price failed to settle above the $2.00 level and started a fresh decline, similar to other major cryptocurrencies like Bitcoin and Ethereum. The price declined below the $1.950 and $1.80 support levels.
Despite a slight recovery above the $1.750 and $1.720 levels, XRP dipped further to a low of $1.610. The current phase sees the price correcting its losses, having surpassed the $1.80 and $1.850 levels. Additionally, it has cleared the 50% Fibonacci retracement level of the downward move from the $2.168 swing high to the $1.610 low.
Currently, XRP is trading below the $1.950 mark and the 100-hourly Simple Moving Average. On the upside, the price faces resistance near the $1.935 level, where a bearish trend line is forming on the hourly chart of the XRP/USD pair. This trend line aligns closely with the 61.8% Fibonacci retracement level of the downward move.
The foremost resistance remains at the $2.00 level, and further resistance can be anticipated at $2.050. A decisive move above this level could propel the price towards the $2.120 resistance, with potential gains extending towards the $2.150 or $2.1650 levels in the near term. The subsequent major hurdle for the bulls is likely to be at $2.20.
Another Decline?
If XRP fails to clear the $1.950 resistance zone, a fresh decline could ensue. Initial support on the downside is found near the $1.850 level, with the next significant support located at the $1.80 mark.
A downside break and close below the $1.80 level could trigger continued declines towards the $1.740 support level. Following that, the next major support area sits near the $1.650 zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is currently gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD stands above the 50 level, indicating positive momentum.
Major Support Levels – $1.850 and $1.80.
Major Resistance Levels – $1.950 and $2.00.
