XRP Price Faces Pressure—Will It Hold This Support Level?

XRP Price Under Pressure

XRP's price has entered a fresh decline below $2.10 and is now struggling against resistance around the pivotal $2.050 level.

Key Takeaways:

XRP's price has declined below the critical support levels of $2.10 and $2.050.
Currently, XRP trades below $2.020 and the 100-hourly Simple Moving Average, indicating bearish momentum.
A bearish trend line has formed with resistance at $2.050 on the hourly XRP/USD chart.
If XRP settles below $2.00, further declines could follow.

XRP Price Declines Further

XRP's price saw an attempt to recover above $2.120 but could not maintain its upward momentum like Bitcoin and Ethereum. Following this, it began a fresh decline below the key levels of $2.10 and $2.050.

A notable dip occurred below the $2.00 support level, with a low forming at $1.993. Presently, XRP is consolidating its losses beneath the 23.6% Fibonacci retracement level, which calculates from the downward shift from the $2.177 swing high to the low of $1.993.

Trading has dipped below both the $2.050 mark and the 100-hourly Simple Moving Average. Should there be a fresh upward movement, resistance can be expected near the $2.0350 level, while the primary resistance remains around $2.050. Additionally, a bearish trend line on the hourly chart of the XRP/USD pair presents resistance at $2.050.

XRP Price
Source: XRPUSD on TradingView.com

If XRP manages to close above $2.050, it could rise to $2.085 and reach the 50% Fibonacci retracement level of the recent downward move. The next significant hurdle stands at the $2.10 resistance. A definitive move above this level may propel XRP toward the $2.150 resistance, while additional gains might take it up to $2.1850. Major resistance for bullish movements could be near $2.220.

Potential for Further Declines

Should XRP struggle to break through the $2.050 resistance zone, it risks initiating another downward movement. The first point of support on the downside is around the $2.00 mark, with the next significant support being near $1.9850.

If a break below the $1.9850 level occurs and a close is achieved underneath it, the price might continue to slip toward $1.920. The following key support is situated around the $1.880 level, below which further declines could see XRP drop toward $1.820.

Technical Indicators

Hourly MACD: The MACD for XRP/USD is showing increasing bearish momentum.
Hourly RSI (Relative Strength Index): The RSI for XRP/USD is below the 50 level, indicating continued bearish conditions.
Major Support Levels: $2.00 and $1.9850.
Major Resistance Levels: $2.050 and $2.10.

Through understanding these levels, traders can plan their strategies as XRP navigates this volatile market.