XRP price started a fresh decline below the $2.120 zone. The price is now consolidating and might face hurdles near the $2.10 level.
- XRP price started a fresh decline after it failed to clear the $2.2350 resistance zone.
- The price is now trading below $2.120 and the 100-hourly Simple Moving Average.
- There was a break below a short-term contracting triangle with support at $2.080 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might extend losses if it fails to clear the $2.120 resistance zone.
XRP Price Trims Gains
XRP price attempted a recovery wave above the $2.120 and $2.20 resistance levels, similar to major cryptocurrencies such as Bitcoin and Ethereum. The price even spiked above $2.20 before the bears appeared.
A high was formed at $2.2350, which triggered a strong bearish reaction. The price dipped below the $2.150 and $2.120 support levels, experiencing a break below a short-term contracting triangle with support at $2.080 on the hourly chart of the XRP/USD pair.
A new weekly low was established at $1.9832, and the price is currently consolidating its losses. XRP is now trading below $2.10 and the 100-hourly Simple Moving Average.
Despite a brief move above the 23.6% Fibonacci retracement level of the downward movement from the $2.235 swing high to the $1.983 low, the XRP price is poised to encounter resistance near the $2.070 mark, with the first major resistance situated around $2.10.
The 50% Fibonacci retracement level from the downward movement observed between the $2.235 swing high and the $1.983 low is also positioned near the $2.10 area. If XRP manages to overcome the $2.1750 resistance level, we could see a price surge towards the $2.20 mark, and any further gains may drive the price towards $2.2350 or even $2.40 soon. The next major challenge for bullish movements could be $2.50.
Potential For More Losses
Should XRP fail to breach the $2.10 resistance, it might initiate another decline. Immediate support lies near the $2.020 level, with significant support found around $2.00.
A breakdown resulting in a close below the $2.00 threshold could lead to further decline towards the $1.980 support level, with the subsequent major support being near the $1.950 zone.
Technical Indicators Overview:
- Hourly MACD: The MACD for XRP/USD is currently gaining momentum in the bearish zone.
- Hourly RSI: The RSI for XRP/USD is now positioned below the 50 level.
- Major Support Levels: $2.020 and $2.00.
- Major Resistance Levels: $2.10 and $2.1750.
