XRP Price Suffers Sharp 5% Drop—Is More Pain Ahead?

[Ben Graham]

XRP price started a fresh decline below $1.950. The price is now struggling and faces resistance near the $1.920 resistance level.

• XRP price started a fresh decline below the $1.950 zone.
• The price is now trading below $1.90 and the 100-hourly Simple Moving Average.
• There is a bearish trend line forming with resistance at $1.980 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 Dips Again

XRP price attempted a recovery wave above $2.020 but failed to continue higher, like Bitcoin and Ethereum. The price started a fresh decline below $2.00 and $1.950.

There was a move below the $1.920 support level. A low was formed at $1.8550, and the price is now showing bearish signs below the 23.6% Fib retracement level of the downward move from the $2.047 swing high to the $1.8550 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 $1.980 on the hourly chart of the XRP/USD pair.

If there is a fresh upward move, the price might face resistance near the $1.90 level. The first major resistance is near the $1.920 level. A close above $1.920 could send the price to $1.950 or the 50% Fib retracement level of the downward move from the $2.047 swing high to the $1.8550 low.

The next hurdle sits at $1.980 and the trend line. A clear move above the $1.980 resistance might send the price toward the $2.050 resistance. Any more gains might send the price toward the $2.120 resistance. The next major hurdle for the bulls might be near $2.150.

More Losses?

If XRP fails to clear the $1.90 resistance zone, it could start a fresh decline. Initial support on the downside is near the $1.8550 level. The next major support is near the $1.820 level.

If there is a downside break and a close below the $1.820 level, the price might continue to decline toward $1.7650. The next major support sits near the $1.7320 zone, below which the price could continue lower toward $1.7050.

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 $1.820.

Major Resistance Levels – $1.950 and $1.980.