XRP Price Finds Some Relief, But Faces Headwinds on The Path Up

[Ben Graham]

XRP price started a fresh decline below the $2.00 zone. The price is now correcting losses and faces resistance near the $2.050 level.

• XRP price started a fresh decline below the $2.050 zone.
• The price is now trading below $2.020 and the 100-hourly Simple Moving Average.
• There is a key bearish trend line forming with resistance at $2.020 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair might start a fresh increase if there is a close above the $2.050 resistance zone.

XRP Price Faces Resistance

XRP price reacted to the downside below the $2.120 support zone, like Bitcoin and Ethereum. The price declined below the $2.050 and $2.020 support levels.

The pair tested the $1.920 support A low was formed at $1.910 and the price started to recover losses. There was a minor recovery wave above the 23.6% Fib retracement level of the downward move from the $2.178 swing high to the $1.910 low.

The price is now trading below $2.020 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $2.020 level. There is also a key bearish trend line forming with resistance at $2.020 on the hourly chart of the XRP/USD pair.

The first major resistance is near the $2.050 level or the 50% Fib retracement level of the downward move from the $2.178 swing high to the $1.910 low. The next resistance is $2.080. A clear move above the $2.080 resistance might send the price toward the $2.120 resistance. Any more gains might send the price toward the $2.150 resistance or even $2.20 in the near term. The next major hurdle for the bulls might be $2.250.

Another Drop?

If XRP fails to clear the $2.050 resistance zone, it could start another decline. Initial support on the downside is near the $1.950 level. The next major support is near the $1.920 level.

If there is a downside break and a close below the $1.920 level, the price might continue to decline toward the $1.880 support. The next major support sits near the $1.840 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 below the 50 level.

Major Support Levels – $1.950 and $1.920.

Major Resistance Levels – $2.020 and $2.050.