XRP Price Faces Challenges Below $2.0: Is a Breakout Blocked or a Pullback Coming?

XRP's price has begun to decline below the $2.00 mark, encountering resistance at approximately $2.020.

Key Takeaways

XRP's price has declined below the $2.00 threshold.
The cryptocurrency is trading below both the $2.00 mark and the 100-hour Simple Moving Average (SMA).
A bearish trend line establishing resistance at $2.020 is visible in the XRP/USD hourly chart.
If XRP settles under $1.950, it could continue to decrease.

XRP Price Faces Challenges Below $2.0

XRP Price Declines Further

The XRP price made an attempt to recover above $2.120 but was unable to maintain this upward momentum, similar to trends seen in Bitcoin and Ethereum. Following this, the price fell beneath both $2.050 and $2.020.

This downturn led to a dip below the $2.00 support level, reaching a low of $1.9525 before starting a modest recovery. The price did rise above the 50% Fibonacci retracement level calculated from the downward movement between the $2.047 high and the $1.952 low.

However, bearish activity remains significant around the $2.00 and $2.020 levels. The hourly XRP/USD chart indicates a bearish trend line forming at $2.020. Currently, the price is trading below $2.00 and the 100-hour SMA.

Should there be a new upward movement, the $2.00 mark is likely to act as a significant resistance level. The first major resistance point is situated near $2.020, coinciding with the 61.8% Fibonacci retracement level of the downward movement from $2.047 to $1.952.

XRP Price Chart
Source: XRPUSD on TradingView.com

A close above the $2.020 resistance could elevate the price towards $2.050, with the next resistance at $2.080. A substantial move beyond the $2.120 resistance level could push the price further towards the $2.150 zone. Continued gains might see the price challenge the $2.20 resistance level, with the next major barrier for bulls around $2.250.

Is Another Decline Possible?

If XRP cannot surpass the $2.020 resistance range, it may initiate another decline. The initial support is seen around the $1.9650 mark, with the next major support level at $1.950.

A breakout below and a close under the $1.950 mark could lead to a continued decrease towards $1.920. The following major support is near the $1.880 zone; if the price drops below this, it could trend down further to around $1.820.

Technical Indicators

Hourly MACD: The MACD for XRP/USD is currently gaining strength within the bearish region.
Hourly RSI (Relative Strength Index): The RSI for XRP/USD is below the 50 threshold.
Major Support Levels: $1.950 and $1.920.
Major Resistance Levels: $2.020 and $2.050.