XRP Price Fights Resistance—Breakout or Breakdown on Deck?

[Ben Graham]

XRP price started a fresh decline below $2.080. The price is now struggling and faces resistance near the $2.040 resistance level.

• XRP price started a fresh decline below the $2.050 zone.
• The price is now trading below $2.050 and the 100-hourly Simple Moving Average.
• There is a bearish trend line forming with resistance at $2.040 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair could continue to move down if it settles below $2.00.

XRP Price Struggles Near Resistance

XRP price attempted a recovery wave above $2.150 but failed to continue higher, like Bitcoin and Ethereum. The price started a fresh decline below $2.080 and $2.050.

There was a move below the $2.00 support level. A low was formed at $1.993, and the price recently started an upside correction. There was a move above the 23.6% Fib retracement level of the downward move from the $2.177 swing high to the $1.993 low.

However, the bears are active near $2.040 and $2.050. There is also a bearish trend line forming with resistance at $2.040 on the hourly chart of the XRP/USD pair. The price is now trading below $2.050 and the 100-hourly Simple Moving Average.

If there is a fresh upward move, the price might face resistance near the $2.040 level. The first major resistance is near the $2.080 level or the 50%  Fib retracement level of the downward move from the $2.177 swing high to the $1.993 low.

A close above $2.080 could send the price to $2.012. The next hurdle sits at $2.150. A clear move above the $2.150 resistance might send the price toward the $2.1850 resistance. Any more gains might send the price toward the $2.220 resistance. The next major hurdle for the bulls might be near $2.250.

Another Decline?

If XRP fails to clear the $2.040 resistance zone, it could start a fresh decline. Initial support on the downside is near the $2.00 level. The next major support is near the $1.9880 level.

If there is a downside break and a close below the $1.9880 level, the price might continue to decline toward $1.920. The next major support sits near the $1.880 zone, below which the price could continue lower toward $1.820.

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 $1.9850.

Major Resistance Levels – $2.040 and $2.080.