XRP Price Slips Toward $2.00, Increasing Pressure on Short-Term Support Levels

[Ben Graham]

XRP price started a fresh decline from $2.250. The price is now showing bearish signs and might extend losses if it dips below $2.120.

• XRP price started a fresh decline below the $2.250 zone.
• The price is now trading below $2.20 and the 100-hourly Simple Moving Average.
• There is a bearish trend line forming with resistance at $2.220 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair could continue to move down if it settles below $2.120.

XRP Price Dips Further

XRP price attempted a recovery wave above $2.30 but failed to continue higher, like Bitcoin and Ethereum. The price started a fresh decline below $2.250 and $2.20.

There was a move below the $2.150 support level. A low was formed at $2.105, and the price is now consolidating losses with a bearish angle below the 23.6% Fib retracement level of the downward move from the $2.525 swing high to the $2.058 low.

The price is now trading below $2.20 and the 100-hourly Simple Moving Average. If there is a fresh upward move, the price might face resistance near the $2.20 level. The first major resistance is near the $2.220 level. There is also a bearish trend line forming with resistance at $2.220 on the hourly chart of the XRP/USD pair.

A close above the trend line could send the price to $2.28. The next hurdle sits at $2.320 or the 50% Fib retracement level of the downward move from the $2.525 swing high to the $2.058 low. A clear move above the $2.320 resistance might send the price toward the $2.40 resistance. Any more gains might send the price toward the $2.450 resistance. The next major hurdle for the bulls might be near $2.50.

Another Drop?

If XRP fails to clear the $2.220 resistance zone, it could start a fresh decline. Initial support on the downside is near the $2.120 level. The next major support is near the $2.10 level.

If there is a downside break and a close below the $2.10 level, the price might continue to decline toward $2.050. The next major support sits near the $2.020 zone, below which the price could continue lower toward $1.880.

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 – $2.120 and $2.050.

Major Resistance Levels – $2.20 and $2.220.