XRP Price Dips Below Support Level Amid Bearish Trends

XRP’s price failed to break through the $1.950 mark and has begun a new downward trend. Currently, it is correcting previous gains and might struggle to stay above $1.850.

Key Takeaways

XRP’s price is in a downward trend after failing to remain above the $1.950 level.
The current trading price is below $1.880 and the 100-hourly Simple Moving Average.
A bearish trend line is forming with resistance at $1.870 on the hourly XRP/USD chart.
A potential upward movement might occur if XRP surpasses the $1.90 resistance level.

XRP Price Slides Under Support

XRP Price Enters New Decline

XRP’s price has started a correction, moving below the $1.9350 range, similar to trends seen with Bitcoin and Ethereum. It has dropped past the $1.90 and $1.880 levels, dropping into a bearish zone.

The price has even dipped below the 50% Fibonacci retracement level from the recent upward movement between the $1.770 low and the $1.9578 high. Furthermore, a new bearish trend line, with resistance positioned at $1.870, is becoming evident on the hourly chart for the XRP/USD pair.

Currently, XRP is trading below both the $1.880 price point and the 100-hourly Simple Moving Average. If an upward movement occurs, the price may encounter resistance around the $1.870 level and along the trend line. The key resistance to watch is at the $1.880 level. Successfully climbing above this could allow the price to test the $1.90 mark.

XRP Price Chart
Source: XRPUSD on TradingView.com

If XRP can successfully rise above the $1.90 resistance, it could push towards the next resistance level at $1.950, with additional gains possibly challenging the $2.00 mark. The next significant hurdle for bullish traders could be around the $2.050 level.

Potential for Further Losses

If XRP does not manage to exceed the $1.90 resistance zone, it may begin to face a new decline. The initial support level on the downside is near $1.8420, coinciding with the 61.8% Fibonacci retracement level from the rise between $1.770 and $1.9578. The next primary support level is around $1.80.

Should the price break down and close below the $1.80 threshold, it might see a further decline toward the $1.770 price level. Below that, significant support lies near the $1.750 region, where the price could continue to drop towards $1.720.

Technical Indicators

Hourly MACD: The MACD indicator for XRP/USD is gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index): The RSI for XRP/USD has dropped below the 50 mark.
Major Support Levels: $1.8420 and $1.80.
Major Resistance Levels: $1.880 and $1.920.

In summary, XRP is currently dealing with significant resistance and potential for further declines, making it essential for traders to monitor key support and resistance levels closely.