XRP Price Dips Sharply—Are Bulls Losing Momentum?

XRP's price has struggled to maintain its position above $1.950 and has now experienced a decline. Currently, it is facing significant resistance around the $1.90 mark.

Key Takeaways

XRP's price has dropped below the $1.90 range, indicating a bearish trend.
The trading price is under $1.880 and below the 100-hourly Simple Moving Average.
A bearish trend line is present, with resistance identified at $1.9350.
If the price falls below $1.850, further declines are likely.

XRP Price Dips Sharply

XRP Price Faces Challenges

XRP's price sought to rally past the $1.920 level but fell short, mirroring the struggles of Bitcoin and Ethereum. As a result, it has declined past the $1.90 and $1.880 thresholds. The drop has proceeded below the support level of $1.8650, creating a low at $1.8473 and indicating a bearish tendency beneath the 23.6% Fibonacci retracement from the recent high of $1.9865 to the low of $1.8437.

Currently, XRP is trading under $1.90 and also below the 100-hourly Simple Moving Average. A bearish trend line is forming, with notable resistance at $1.9350 on the hourly chart for the XRP/USD pair. Should there be any attempt at recovery, resistance may occur around the $1.880 level. The first significant resistance point is at $1.9150, which coincides with the 50% Fibonacci level of the downward movement from $1.9865 to $1.8437. If the price can close above $1.9150, it may rise towards $1.9350 and the trend line.

XRP Price Movement Source: XRPUSD on TradingView.com

The next barrier is established at $1.950 and the trend line. A successful climb over the $1.950 resistance could propel the price towards the $2.00 mark. Further upward movement could aim for resistance around $2.020, while the primary obstacle for bullish momentum lies near $2.080.

Potential for Further Declines

Should XRP be unable to breach the $1.9150 resistance zone, it may initiate another descent. Initial support on the downside is located near the $1.850 level, followed closely by significant support at $1.8320. A break and close below the $1.8320 level could lead to further declines, pushing the price down towards $1.80. The next critical support is near the $1.7650 level, below which the price could continue to decrease towards $1.720.

Technical Indicators

Hourly MACD: The MACD for XRP/USD is currently gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index): The RSI for XRP/USD has dropped below the 50 level.
Major Support Levels: $1.850 and $1.8320.
Major Resistance Levels: $1.9150 and $1.9350.