XRP Price Weakens Sharply—Are Bulls Losing the Fight?

[Ben Graham]

XRP price failed to gain pace above $1.950 and trimmed gains. The price is now struggling and faces resistance near the $1.90 level.

• XRP price started a fresh decline below the $1.90 zone.
• The price is now trading below $1.880 and the 100-hourly Simple Moving Average.
• There is a bearish trend line forming with resistance at $1.9350 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair could continue to move down if it settles below $1.850.

XRP Price Fails At Resistance

XRP price attempted a recovery wave above $1.920 but failed to continue higher, like Bitcoin and Ethereum. The price started a fresh decline below $1.90 and $1.880.

There was a move below the $1.8650 support level. A low was formed at $1.8473, and the price is now showing bearish signs below the 23.6% Fib retracement level of the downward move from the $1.9865 swing high to the $1.8437 low.

The price is now trading below $1.90 and the 100-hourly Simple Moving Average. There is also a bearish trend line forming with resistance at $1.9350 on the hourly chart of the XRP/USD pair.

If there is a fresh upward move, the price might face resistance near the $1.880 level. The first major resistance is near the $1.9150 level or the 50% Fib retracement level of the downward move from the $1.9865 swing high to the $1.8437 low. A close above $1.9150 could send the price to $1.9350 and the trend line.

The next hurdle sits at $1.950 and the trend line. A clear move above the $1.950 resistance might send the price toward the $2.00 resistance. Any more gains might send the price toward the $2.020 resistance. The next major hurdle for the bulls might be near $2.080.

More Losses?

If XRP fails to clear the $1.9150 resistance zone, it could start a fresh decline. Initial support on the downside is near the $1.850 level. The next major support is near the $1.8320 level.

If there is a downside break and a close below the $1.8320 level, the price might continue to decline toward $1.80. The next major support sits near the $1.7650 zone, below which the price could continue lower toward $1.720.

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 – $1.850 and $1.8320.

Major Resistance Levels – $1.9150 and $1.9350.