XRP Price Faces Decline, Setting the Stage for Further Drops

XRP’s price has extended its decline and is currently trading below $2.080. The cryptocurrency is attempting to rally but encounters resistance around the $2.120 mark.

Key Takeaways

XRP price has dropped below the $2.10 support zone.
Currently trading below $2.10 and under the 100-hourly Simple Moving Average.
A bearish trend line is forming with resistance at $2.080 on the hourly chart of XRP/USD.
Continued downward movement is likely if XRP remains under the $2.10 threshold.

XRP Price Weakens Again

XRP Price in Decline

The price of XRP has struggled to hold above $2.150, beginning a significant downward trend similar to that of Bitcoin and Ethereum. It has fallen below the $2.120 and $2.10 ranges, entering a short-term bearish market phase.

At one point, XRP dropped below $2.050, reaching a low of $2.034, and is now consolidating its losses. Although there was an attempt to surpass the $2.10 level, selling pressure from bears has persisted. A bearish trend line is forming on the hourly chart for the XRP/USD pair, with resistance located at $2.080.

Currently, XRP is trading below $2.10 and also below the 100-hourly Simple Moving Average. If the price attempts to rise, it is likely to encounter resistance around $2.080 and the aforementioned trend line. The first significant resistance level is near $2.120, aligning closely with the 23.6% Fibonacci retracement level from the recent high of $2.415 down to the low of $2.034.

XRP Price Source: XRPUSD on TradingView.com

Should XRP manage to close above $2.120, the price could potentially rise towards $2.20. The subsequent resistance level is at $2.220, which corresponds to the 50% Fibonacci retracement from the recent swing high of $2.415 down to the low of $2.034. If XRP clears the $2.220 resistance, it could aim for the $2.280 mark. Further gains may push it toward the $2.320 resistance, with the next significant challenge for bulls being near $2.350.

Potential for Further Losses

If XRP does not overcome the $2.10 resistance area, it might see a new wave of declines. Initial support appears to be around the $2.020 level, with the next significant support close to the $2.00 mark.

Should it break below and close under $2.00, further declines could see XRP testing the $1.950 support. The next major support level lies around the $1.920 zone; if breached, it might lead to a further slide towards $1.880.

Technical Indicators

Hourly MACD: The MACD for XRP/USD is currently accelerating in the bearish region.
Hourly RSI (Relative Strength Index): The RSI for XRP/USD is positioned below the 50 mark.

Key Support and Resistance Levels

Major Support Levels: $2.020 and $2.00.
Major Resistance Levels: $2.10 and $2.120.