XRP Price Hits Resistance on Recovery, Bulls Lose Momentum

[Ben Graham]

XRP price started a recovery wave above $2.00 but failed near $2.020. The price is now showing a few bearish signs and might decline below $1.95.

• XRP price started a recovery wave above the $1.920 zone.
• The price is now trading below $2.00 and the 100-hourly Simple Moving Average.
• There is a new bearish trend line forming with resistance at $2.030 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair could continue to move down if it settles below $1.950.

XRP Price Dips Again

XRP price remained supported above $1.850 and started a recovery wave, like Bitcoin and Ethereum. The price was able to climb above $1.950 and $1.980 to enter a short-term positive zone.

There was also a move above the 50% Fib retracement level of the downward move from the $2.065 swing high to the $1.847 low. The price even spiked above $2.00 before the bears appeared. The bulls failed to clear the $2.020 resistance. There is also a new bearish trend line forming with resistance at $2.030 on the hourly chart of the XRP/USD pair.

The price is now trading below $2.00 and the 100-hourly Simple Moving Average. If there is a fresh upward move, the price might face resistance near the $2.00 level. The first major resistance is near the $2.020 level or the 83.2% Fib retracement level of the downward move from the $2.065 swing high to the $1.847 low.

A close above $2.020 could send the price to $2.0650. The next hurdle sits at $2.10. A clear move above the $2.10 resistance might send the price toward the $2.150 resistance. Any more gains might send the price toward the $2.20 resistance. The next major hurdle for the bulls might be near $2.250.

Another Drop?

If XRP fails to clear the $2.020 resistance zone, it could start a fresh decline. Initial support on the downside is near the $1.950 level. The next major support is near the $1.9320 level.

If there is a downside break and a close below the $1.9320 level, the price might continue to decline toward $1.850. The next major support sits near the $1.820 zone, below which the price could continue lower toward $1.750.

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 – $1.950 and $1.9320.

Major Resistance Levels – $2.00 and $2.020.