XRP price started a fresh decline below the $2.050 zone. The price is now consolidating and might face hurdles near the $2.10 level.
- XRP price started a fresh decline below the $2.120 and $2.050 levels.
- The price is now trading below $2.10 and the 100-hourly Simple Moving Average.
- There is a short-term declining channel forming with resistance at $2.0680 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might extend losses if it fails to clear the $2.10 resistance zone.
XRP Price Attempts Recovery
XRP price extended losses below the $2.050 support level, like Bitcoin and Ethereum. The price declined below the $2.00 and $1.980 support levels. A low was formed at $1.960 and the price is attempting a recovery wave.
There was a move above the $2.00 and $2.020 levels. The price surpassed the 23.6% Fib retracement level of the downward move from the $2.235 swing high to the $1.960 low. However, the bears are active below the $2.10 resistance zone.
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 $2.070 level. There is also a short-term declining channel forming with resistance at $2.0680 on the hourly chart of the XRP/USD pair.
The first major resistance is near the $2.10 level. It is near the 50% Fib retracement level of the downward move from the $2.235 swing high to the $1.960 low. The next resistance is $2.120.
A clear move above the $2.120 resistance might send the price toward the $2.180 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.
Another Decline?
If XRP fails to clear the $2.10 resistance zone, it could start another decline. Initial support on the downside is near the $2.00 level. The next major support is near the $1.960 level.
If there is a downside break and a close below the $1.960 level, the price might continue to decline toward the $1.920 support. The next major support sits near the $1.90 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 above the 50 level.
Major Support Levels – $2.00 and $1.960.
Major Resistance Levels – $2.10 and $2.120.
