XRP Price Faces Pressure as Bearish Trend Prevails

XRP's price has seen further declines, dropping below $1.950. It is currently consolidating but may fall further if it remains under $2.00.

Key Takeaways

XRP has started a new decline below the $1.950 mark.
The cryptocurrency is currently trading below $1.9350 and the 100-hourly Simple Moving Average.
A bearish trend line has formed, indicating resistance at $2.00 on the hour chart for the XRP/USD trading pair.
If XRP does not rise above $2.00, it may continue its downward trend.

XRP Price Continues Lower as Sellers Tighten Grip on Intraday Structure

XRP Price Experiences Significant Drop

The price of XRP was unable to hold above $2.050 and has initiated a new downtrend, following a similar pattern to Bitcoin and Ethereum. It has fallen below both the $2.00 and $1.950 thresholds, entering a short-term bearish zone.

In fact, the price briefly dropped below $1.880, landing at a low of $1.8681, and is now consolidating its losses. After a minor recovery above $1.90, XRP tested the 23.6% Fibonacci retracement level from the downward movement between the $2.028 swing high and the $1.8681 low, but selling pressure has remained strong. Currently, XRP trades below $1.920 and the 100-hourly Simple Moving Average. Should a fresh upward movement occur, it may encounter resistance around the $1.950 level as well as at the 50% Fibonacci retracement level for the downward movement from the $2.028 high to the $1.8681 low.

XRP Price Chart
Source: XRPUSD on TradingView.com

The first significant resistance is identified near the $2.00 level, coinciding with the trend line. If XRP manages to close above $2.00, it could rise towards $2.050, with the next resistance at $2.10. A clear break above $2.10 may lead the price toward the $2.120 resistance, and any further gains might push it to the $2.150 level, with a critical resistance zone around $2.20.

Is Further Decline Imminent?

If XRP fails to break through the $1.950 resistance area, it may start to decline further. The initial support is near the $1.880 level, with the next significant support at $1.850.

Should the price break down further and close below $1.850, it may continue to drop to around $1.820, with the next major support level in the vicinity of $1.80. If it falls below that, XRP could drop further towards $1.7650.

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 is now under the 50 mark.

Major Support Levels

$1.880
$1.850

Major Resistance Levels

$1.950
$2.00