XRP Price Breakdown Intensifies — Will Support Levels Withstand the Pressure?

XRP's price continues to face challenges, trading below $1.80, with potential for further decline if it stays under $1.8250.

Key Takeaways

XRP's price has dipped below the crucial $1.80 mark, entering a bearish phase.
It is currently trading under the 100-hourly Simple Moving Average and has established a bearish trend line with resistance at $1.8050.
The ongoing support could be tested further if XRP does not recover above $1.8250.

XRP Price Breakdown Accelerates

XRP's Price Decline Deepens

The price of XRP dropped significantly as it struggled to maintain its stance above $1.90, reflecting a trend seen in cryptocurrencies like Bitcoin and Ethereum. Falling below both the $1.850 and $1.8250 thresholds places XRP in a short-term bearish territory, even plummeting beneath $1.750.

A low was identified at $1.710, before the price began to stabilize. There was a minor recovery, with XRP reaching above $1.740. This recovery is approaching the 23.6% Fibonacci retracement level, calculated from the decline that occurred from the $1.938 peak to the $1.710 low.

Currently, XRP is trading under $1.80 and below the 100-hourly Simple Moving Average (SMA). Should there be a fresh upward movement, the price could meet resistance at the $1.7650 level, with a significant barrier at the $1.80 mark. Additionally, there is a bearish trend line in place, with resistance at $1.8050 on the hourly XRP/USD chart.

XRP Price
Source: XRPUSD on TradingView.com

If XRP manages to close above $1.80, it could rise towards $1.8250 or even reach the 50% Fibonacci retracement level from the $1.938 high to the $1.710 low. The subsequent resistance lies at $1.850, and a decisive move above this could propel the price towards the $1.880 mark. Further gains could lead XRP toward the $1.920 resistance, with the next significant challenge for bulls approaching $1.950.

Potential for Further Decline?

Should XRP fail to breach the resistance zone at $1.80, a new decline may occur. The first level of support to watch for is around $1.740, followed closely by major support at $1.720.

If XRP breaks down and closes below $1.720, it might decline further towards the $1.70 mark. Beyond that, the next significant support level is located near $1.6720, with the possibility of lower prices down to $1.650.

Technical Indicators

Hourly MACD: The MACD for XRP/USD is accelerating in a bearish trend.
Hourly RSI (Relative Strength Index): The RSI for XRP/USD has dipped below the 50 threshold.
Major Support Levels: $1.740 and $1.720.
Major Resistance Levels: $1.7650 and $1.80.

This overview indicates that monitoring the support levels will be crucial for XRP's future price actions.