XRP price started a fresh decline below the $2.00 zone. The price is now consolidating and might face hurdles near the $1.880 level.
- XRP price started a fresh decline below the $2.00 and $1.880 levels.
- The price is now trading below $1.850 and the 100-hourly Simple Moving Average.
- There was a break below a connecting bullish trend line with support at $2.120 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might extend losses if it fails to stay above the $1.80 zone.
XRP Price Dips Sharply
XRP price failed to settle above the $2.050 level and started a fresh decline, like Bitcoin and Ethereum. The price declined below the $2.00 and $1.950 support levels.
There was a break below a connecting bullish trend line with support at $2.120 on the hourly chart of the XRP/USD pair. There was a move above the $1.880 and $1.80 levels. The price even declined below the $1.820 level. A low was formed at $1.797 and the price is now consolidating losses.
The price is now trading below $1.850 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $1.850 level. The first major resistance is near the $1.880 level. It is near the 23.6% Fib retracement level of the downward move from the $2.168 swing high to the $1.797 low.
The next resistance is $1.950. A clear move above the $1.950 resistance might send the price toward the $2.00 resistance or the 61.8% Fib retracement level of the downward move from the $2.168 swing high to the $1.797 low.
Any more gains might send the price toward the $2.050 resistance or even $2.0650 in the near term. The next major hurdle for the bulls might be $2.120.
Another Decline?
If XRP fails to clear the $1.880 resistance zone, it could start another decline. Initial support on the downside is near the $1.80 level. The next major support is near the $1.7650 level.
If there is a downside break and a close below the $1.7650 level, the price might continue to decline toward the $1.720 support. The next major support sits near the $1.650 zone.
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 – $1.80 and $1.7650.
Major Resistance Levels – $1.850 and $1.880.