Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
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.
