XRP Price Loses Most Gains, Next Support Now in the Crosshairs

[Ben Graham]

XRP price extended losses and traded below $2.10. The price is now consolidating and might decline further if it trades below $2.020.

• XRP price started a fresh decline below the $2.120 zone.
• The price is now trading below $2.10 and the 100-hourly Simple Moving Average.
• There is a key bearish trend line forming with resistance at $2.0850 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair could continue to move down if it stays below $2.10.

XRP Price Dips Again

XRP price failed to stay above $2.150 and started a fresh decline, like Bitcoin and Ethereum. The price declined below $2.120 and $2.10 to enter a short-term bearish zone.

The price even spiked below $2.080. A low was formed at $2.052, and the price is now consolidating losses. There was an attempt to clear $2.080 and the 23.6% Fib retracement level of the downward move from the $2.193 swing high to the $2.052 low, but the bears remained active. There is also a key bearish trend line forming with resistance at $2.0850 on the hourly chart of the XRP/USD pair.

The price is now trading below $2.10 and the 100-hourly Simple Moving Average. If there is a fresh upward move, the price might face resistance near the $2.0850 level and the trend line. The first major resistance is near the $2.120 level. It is close to 50% Fib retracement level of the downward move from the $2.193 swing high to the $2.052 low.

A close above $2.120 could send the price to $2.1395. The next hurdle sits at $2.20. A clear move above the $2.20 resistance might send the price toward the $2.250 resistance. Any more gains might send the price toward the $2.320 resistance. The next major hurdle for the bulls might be near $2.350.

More Losses?

If XRP fails to clear the $2.120 resistance zone, it could start a fresh 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 $1.950. The next major support sits near the $1.920 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 – $2.050 and $2.020.

Major Resistance Levels – $2.0850 and $2.120.