XRP Price Drops Toward $2.00: Can Bulls Defend This Critical Support Level?

[Ben Graham]

XRP price started a fresh decline below the $2.20 zone. The price is now consolidating and might aim for a recovery wave above the $2.120 resistance.

• XRP price started a fresh decline below the $2.20 zone.
• The price is now trading above $2.150 and the 100-hourly Simple Moving Average.
• There was a break below a key bullish trend line with support at $2.192 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair might start another increase if it clears the $2.120 resistance zone.

XRP Price Dips To Support

XRP price failed to gain pace for a move above the $2.220 level and started a fresh decline, like Bitcoin and Ethereum. There was a move below the $0.2150 and $0.2120 levels.

Besides, there was a break below a key bullish trend line with support at $2.192 on the hourly chart of the XRP/USD pair. Finally, the price tested the $2.050 zone. It is now consolidating losses below the 23.6% Fib retracement level of the downward move from the $2.281 swing high to the $2.056 low.

The price is now trading below $2.120 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $2.120 level. The first major resistance is near the $2.150 level. The next resistance is $2.1750. It is near the 50% Fib retracement level of the downward move from the $2.281 swing high to the $2.056 low.

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 $2.220 resistance or even $2.2420 in the near term. The next major hurdle for the bulls might be $2.250.

More Losses?

If XRP fails to clear the $2.15 resistance zone, it could start another decline. Initial support on the downside is near the $2.050 level. The next major support is near the $2.020 level.

If there is a downside break and a close below the $2.020 level, the price might continue to decline toward the $2.00 support. The next major support sits near the $1.920 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 – $2.050 and $2.020.

Major Resistance Levels – $2.120 and $2.150.