XRP Price Declines Significantly, New Support Levels Come Into Focus

XRP's price has continued to drop, falling below $2.10. The outlook suggests further declines could occur if it falls below the $2.020 mark.

Key Takeaways

XRP price fell below the $2.120 area, marking a new downward trend.
Currently trading below $2.10 and the 100-hourly Simple Moving Average.
A bearish trend line has formed with resistance near $2.0850 on the hourly XRP/USD chart.
The price may face challenges continuing down if it stays under $2.10.

XRP Price Declines Significantly

Recent XRP Price Movements

The price of XRP dropped after failing to maintain levels above $2.150, paralleling declines in Bitcoin and Ethereum. It slipped below the $2.120 and $2.10 marks, entering a temporary bearish state.

At one point, XRP dipped as low as $2.052, establishing a new low. Attempts to push the price past $2.080 and the 23.6% Fibonacci retracement of the downward move from $2.193 to $2.052 were met with resistance from sellers. The current price, under $2.10 and below the 100-hourly Simple Moving Average, shows that if there’s an upturn, resistance can be expected around $2.0850.

The primary resistance stands at the $2.120 threshold, which corresponds closely to the 50% Fibonacci retracement level for the drop from $2.193 to $2.052.

XRP Price Chart
Source: XRPUSD on TradingView.com

If the price closes above $2.120, it could rise to $2.1395, with the next barrier appearing at $2.20. Breaching this level may pave the way for it to reach $2.250 and possibly $2.320, with another significant resistance at around $2.350.

Potential for Further Declines

Should XRP struggle to overcome the resistance at $2.120, a further decline is probable. Initial support is seen near the $2.050 mark, while the more substantial support level is at $2.020.

If the price drops below and stays under $2.020, it may slide further toward $1.950. The next prominent support level is identified near $1.920, potentially leading to a drop to $1.880.

Technical Indicators

Hourly MACD: The MACD for XRP/USD shows increasing momentum in the bearish direction.
Hourly RSI (Relative Strength Index): The RSI sits below the 50 mark, indicating bearish sentiment.
Major Support Levels: $2.050 and $2.020.
Major Resistance Levels: $2.0850 and $2.120.