XRP Price Weakens—Further Losses on The Table?

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XRP price started a fresh decline below the $2.120 zone. The price is now consolidating above $2.00 and remains at risk of more losses below $2.00.

  • XRP price started a fresh decline below the $2.150 zone.

  • The price is now trading below $2.120 and the 100-hourly Simple Moving Average.

  • There is a key bearish trend line forming with resistance at $2.10 on the hourly chart of the XRP/USD pair (data source from Kraken).

  • The pair might extend losses if there is a close below the $2.00 support zone.

XRP Price Dips Again

XRP price started another decline below the $2.20 zone, like Bitcoin and Ethereum. The price traded below the $2.150 and $2.120 levels to enter a bearish zone.

The price even spiked below $2.050 before the bulls appeared. A low was formed at $2.036 and the price is now consolidating losses. There was a minor increase above the $2.10 level. However, the bears were active near the 50% Fib retracement level of the downward move from the $2.184 swing high to the $2.036 low.

The price is now trading below $2.10 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $2.10 level. There is also a key bearish trend line forming with resistance at $2.10 on the hourly chart of the XRP/USD pair.

XRP Price

The first major resistance is near the $2.1280 level and the 61.8% Fib retracement level of the downward move from the $2.184 swing high to the $2.036 low. The next resistance is $2.1850. A clear move above the $2.1850 resistance might send the price toward the $2.250 resistance. Any more gains might send the price toward the $2.320 resistance or even $2.350 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 $2.040 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 $1.920 support. The next major support sits near the $1.840 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 – $2.040 and $2.00.

Major Resistance Levels – $2.10 and $2.1850.

* The content presented above, whether from a third party or not, is considered as general advice only.  This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.

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