XRP price extended losses and traded below $2.10. The price is now consolidating and might decline further if it trades below $2.020.
- XRP price started a fresh decline below the $2.120 zone.
- The price is now trading below $2.10 and the 100-hourly Simple Moving Average.
- There is a key bearish trend line forming with resistance at $2.0850 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could continue to move down if it stays below $2.10.
XRP Price Dips Again
XRP price failed to stay above $2.150 and started a fresh decline, like Bitcoin and Ethereum. The price declined below $2.120 and $2.10 to enter a short-term bearish zone.
The price even spiked below $2.080. A low was formed at $2.052, and the price is now consolidating losses. There was an attempt to clear $2.080 and the 23.6% Fib retracement level of the downward move from the $2.193 swing high to the $2.052 low, but the bears remained active. There is also a key bearish trend line forming with resistance at $2.0850 on the hourly chart of the XRP/USD pair.
The price is now trading below $2.10 and the 100-hourly Simple Moving Average. If there is a fresh upward move, the price might face resistance near the $2.0850 level and the trend line. The first major resistance is near the $2.120 level. It is close to 50% Fib retracement level of the downward move from the $2.193 swing high to the $2.052 low.
A close above $2.120 could send the price to $2.1395. The next hurdle sits at $2.20. A clear move above the $2.20 resistance might send the price toward the $2.250 resistance. Any more gains might send the price toward the $2.320 resistance. The next major hurdle for the bulls might be near $2.350.
More Losses?
If XRP fails to clear the $2.120 resistance zone, it could start a fresh decline. Initial support on the downside is near the $2.050 level. The next major support is near the $2.020 level.
If there is a downside break and a close below the $2.020 level, the price might continue to decline toward $1.950. The next major support sits near the $1.920 zone, below which the price could continue lower toward $1.880.
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 – $2.050 and $2.020.
Major Resistance Levels – $2.0850 and $2.120.
