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XRP price started a recovery wave above $2.00 but failed near $2.020. The price is now showing a few bearish signs and might decline below $1.95.
- XRP price started a recovery wave above the $1.920 zone.
- The price is now trading below $2.00 and the 100-hourly Simple Moving Average.
- There is a new bearish trend line forming with resistance at $2.030 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could continue to move down if it settles below $1.950.
XRP Price Dips Again
XRP price remained supported above $1.850 and started a recovery wave, like Bitcoin and Ethereum. The price was able to climb above $1.950 and $1.980 to enter a short-term positive zone.
There was also a move above the 50% Fib retracement level of the downward move from the $2.065 swing high to the $1.847 low. The price even spiked above $2.00 before the bears appeared. The bulls failed to clear the $2.020 resistance. There is also a new bearish trend line forming with resistance at $2.030 on the hourly chart of the XRP/USD pair.
The price is now trading below $2.00 and the 100-hourly Simple Moving Average. If there is a fresh upward move, the price might face resistance near the $2.00 level. The first major resistance is near the $2.020 level or the 83.2% Fib retracement level of the downward move from the $2.065 swing high to the $1.847 low.
A close above $2.020 could send the price to $2.0650. The next hurdle sits at $2.10. A clear move above the $2.10 resistance might send the price toward the $2.150 resistance. Any more gains might send the price toward the $2.20 resistance. The next major hurdle for the bulls might be near $2.250.
Another Drop?
If XRP fails to clear the $2.020 resistance zone, it could start a fresh decline. Initial support on the downside is near the $1.950 level. The next major support is near the $1.9320 level.
If there is a downside break and a close below the $1.9320 level, the price might continue to decline toward $1.850. The next major support sits near the $1.820 zone, below which the price could continue lower toward $1.750.
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 – $1.950 and $1.9320.
Major Resistance Levels – $2.00 and $2.020.
