XRP price started a fresh recovery wave from the $1.90 zone. The price is now consolidating and might struggle to clear the $2.10 resistance zone.
- XRP price started a fresh decline from the $2.250 resistance zone.
- The price is now trading below $2.20 and the 100-hourly Simple Moving Average.
- There is a connecting bearish trend line forming with resistance at $2.06 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might continue to move up if it clears the $2.10 resistance zone.
XRP Price Dips Further
XRP price started a fresh decline after it failed to clear the $2.250 zone, like Bitcoin and Ethereum. The price declined below the $2.10 and $2.050 support levels.
The bears even pushed the price below $2.00. A low was formed at $1.90 and the price is now attempting to recover. There was a move above the $1.950 and $1.980 resistance levels. The price surpassed the 23.6% Fib retracement level of the downward move from the $2.260 swing high to the $1.90 low.
The price is now trading below $2.20 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $2.060 level. There is also a connecting bearish trend line forming with resistance at $2.06 on the hourly chart of the XRP/USD pair.
The first major resistance is near the $2.080 level or the 50% Fib retracement level of the downward move from the $2.260 swing high to the $1.90 low. The next resistance is $2.120. A clear move above the $2.120 resistance might send the price toward the $2.1750 resistance. Any more gains might send the price toward the $2.20 resistance or even $2.250 in the near term. The next major hurdle for the bulls might be $2.450.
Another Decline?
If XRP fails to clear the $2.080 resistance zone, it could start another decline. Initial support on the downside is near the $1.950 level. The next major support is near the $1.90 level.
If there is a downside break and a close below the $1.850 level, the price might continue to decline toward the $1.80 support. The next major support sits near the $1.750 zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major Support Levels – $1.950 and $1.900.
Major Resistance Levels – $2.080 and $2.1750.
