XRP price started a fresh decline below the $2.150 zone. The price is now consolidating above $2.00 and facing hurdles near the $2.120 zone.
XRP price started a downside correction from the $2.250 resistance zone.
The price is now trading below $2.10 and the 100-hourly Simple Moving Average.
There is a key bearish trend line forming with resistance at $2.130 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 Faces Resistance
XRP price started a downside correction from the $2.250 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 but stayed above $2.00. A low was formed at $2.036 and the price is now consolidating losses. There was a recovery wave above the $2.10 level. The price spiked above 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 $2.120 level. There is also a key bearish trend line forming with resistance at $2.130 on the hourly chart of the XRP/USD pair.
The trend line is near the 61.8% Fib retracement level of the downward move from the $2.184 swing high to the $2.036 low. The first major resistance is near the $2.180 level. The next resistance is $2.20. A clear move above the $2.20 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 $2.120 resistance zone, it could start another decline. Initial support on the downside is near the $2.030 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 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 – $2.030 and $2.00.
Major Resistance Levels – $2.120 and $2.180.
