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XRP price started a fresh decline below $2.00. The price is now struggling and faces resistance near the $2.020 resistance level.
- XRP price started a fresh decline below the $2.00 zone.
- The price is now trading below $2.00 and the 100-hourly Simple Moving Average.
- There is a bearish trend line forming with resistance at $2.020 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 attempted a recovery wave above $2.120 but failed to continue higher, like Bitcoin and Ethereum. The price started a fresh decline below $2.050 and $2.020.
There was a move below the $2.00 support level. A low was formed at $1.9525, and the price recently started an upside correction. There was a move above the 50% Fib retracement level of the downward move from the $2.047 swing high to the $1.952 low.
However, the bears are active near $2.00 and $2.020. There is also a bearish trend line forming with resistance at $2.020 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 61.8% Fib retracement level of the downward move from the $2.047 swing high to the $1.952 low.
A close above $2.020 could send the price to $2.050. The next hurdle sits at $2.080. A clear move above the $2.120 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 Decline?
If XRP fails to clear the $2.020 resistance zone, it could start a fresh decline. Initial support on the downside is near the $1.9650 level. The next major support is near the $1.950 level.
If there is a downside break and a close below the $1.950 level, the price might continue to decline toward $1.920. The next major support sits near the $1.880 zone, below which the price could continue lower toward $1.820.
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 $1.920.
Major Resistance Levels – $2.020 and $2.050.
