XRP Price Approaches Key Resistance: A Critical Moment Ahead

XRP's price is experiencing notable declines, currently trading below $2.10. The market is poised for possible upward movement, but encountering resistance near this crucial price level.

Key Takeaways

XRP has seen a decline below the $2.120 mark, entering a bearish phase.
The current trading price is under $2.120 and the 100-hourly Simple Moving Average.
A bearish trend line is emerging with resistance situated at $2.10 based on hourly charts (source: Kraken).
The cryptocurrency could continue to drop if it remains beneath the $2.120 threshold.

XRP Price Approaches Resistance

XRP Price Attempts to Recover from Decline

XRP's price has struggled to maintain its position above $2.20, leading to a decline similar to what has been witnessed in Bitcoin and Ethereum. It has fallen below both $2.150 and $2.120, moving into a short-term bearish territory.

Additionally, the price dipped below $2.050, hitting a low of $2.034, but it is now making efforts to regain lost ground. A slight rebound occurred above $2.080; however, it remains below the 23.6% Fibonacci retracement level stemming from the decline from the swing high of $2.415 to the low of $2.034.

Currently, XRP is trading below $2.120 and the 100-hourly Simple Moving Average. Should the price make another upward movement, it is likely to face significant resistance near the $2.10 mark. This is compounded by a developing bearish trend line with resistance at the same level on the hourly chart for the XRP/USD trading pair.

The initial major resistance level can be found around $2.120. A successful close above this point could propel the price toward $2.220, coinciding with the 50% Fibonacci retracement from the recent downward movement.

XRP Price
Source: XRPUSD on TradingView.com

Should XRP clear the upcoming hurdle at $2.320, the price may rally toward the $2.350 resistance. Similarly, any gains beyond this might surge up to the $2.385 mark, with $2.40 as the next significant resistance for bullish traders.

Possibility of Further Declines

If XRP is unable to break through the $2.120 resistance zone, it may initiate a fresh decline. The first line of support lies near the $2.050 level, followed by a more significant support level around $2.020.

Should the price break down further and close below $2.020, XRP might continue its downward trend towards the $2.00 mark. The next major support level to watch is near the $1.9650 zone, below which the price could see further declines toward $1.880.

Technical Indicators

Hourly MACD: The MACD for XRP/USD is currently losing momentum in the bearish territory.
Hourly RSI (Relative Strength Index): The RSI for XRP/USD is positioned below the 50 level.
Major Support Levels: $2.050 and $2.020.
Major Resistance Levels: $2.10 and $2.120.