XRP price started a fresh decline below the $2.120 zone. The price is now consolidating and might face hurdles near the $2.10 level.
- XRP price started a fresh decline after it failed to clear the $2.2350 resistance zone.
- The price is now trading below $2.120 and the 100-hourly Simple Moving Average.
- There was a break below a short-term contracting triangle with support at $2.080 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might extend losses if it fails to clear the $2.120 resistance zone.
XRP Price Trims Gains
XRP price attempted a recovery wave above the $2.120 and $2.20 resistance levels, like Bitcoin and Ethereum. The price even spiked above $2.20 before the bears appeared.
A high was formed at $2.2350 and there was a strong bearish reaction. The price dipped below the $2.150 and $2.120 support levels. There was a break below a short-term contracting triangle with support at $2.080 on the hourly chart of the XRP/USD pair.
A new weekly low was formed at $1.9832 and the price is now consolidating losses. The price is now trading below $2.10 and the 100-hourly Simple Moving Average.
There was a move above the 23.6% Fib retracement level of the downward move from the $2.235 swing high to the $1.983 low. On the upside, the price might face resistance near the $2.070 level. The first major resistance is near the $2.10 level.
The 50% and 50% Fib retracement level of the downward move from the $2.235 swing high to the $1.983 low is also near the $2.10 level. The next resistance is $2.1750. A clear move above the $2.1750 resistance might send the price toward the $2.20 resistance. Any more gains might send the price toward the $2.2350 resistance or even $2.40 in the near term. The next major hurdle for the bulls might be $2.50.
More Losses?
If XRP fails to clear the $2.10 resistance zone, it could start another decline. Initial support on the downside is near the $2.020 level. The next major support is near the $2.00 level.
If there is a downside break and a close below the $2.00 level, the price might continue to decline toward the $1.980 support. The next major support sits near the $1.950 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 – $2.020 and $2.00.
Major Resistance Levels – $2.10 and $2.1750.
