XRP Price Loses Most Gains, Next Support Now in the Crosshairs
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.