XRP Price Faces Resistance as Recovery Loses Steam

XRP price began a recovery trend above $2.00 but stalled around $2.020. Currently, it is displaying some bearish signals and may drop below $1.95.

Key Takeaways

XRP price attempted a recovery, rising above the $1.920 mark.
The current trading price is below $2.00 and the 100-hourly Simple Moving Average (SMA).
A new bearish trend line has formed with resistance at $2.030 for the XRP/USD pair.
A potential decline may occur if the price settles below $1.950.

XRP Price Downtrend Extends

XRP Price Experiences Another Decline

XRP's price remained supported over $1.850, initiating a recovery wave similar to trends observed in Bitcoin and Ethereum. The price climbed above the $1.950 and $1.980 levels, entering a brief favorable zone. This move exceeded the 50% Fibonacci retracement of the downward trend, tracing back from the $2.065 swing high to the low of $1.847. However, bullish momentum was met with resistance as the price briefly spiked above $2.00 before bears stepped in, preventing further movement past the $2.020 resistance.

A new bearish trend line has formed with resistance positioned at $2.030 on the hourly chart for the XRP/USD pair. Presently, XRP is trading below $2.00 and the 100-hourly SMA. Should there be a fresh upward trend, the price may encounter resistance near the $2.00 level, with primary resistance situated at $2.020, which aligns with the 83.2% Fibonacci retracement of the decline from $2.065 to $1.847.

XRP Price Chart
Source: XRPUSD on TradingView.com

If XRP manages to close above $2.020, it could potentially rise to $2.0650. The next significant hurdle would be around $2.10, and a decisive move past this could see price levels rally toward the $2.150 mark. Continued gains could push XRP closer to $2.20, with the next major resistance point around $2.250.

Is Another Drop Ahead?

Should XRP fail to surpass the $2.020 resistance zone, a new decline might occur. The initial support on the downside is around the $1.950 level, with significant support close to $1.9320. A break and a close below the $1.9320 mark may prompt the price to fall towards $1.850, with the next key support level near $1.820, below which XRP could drop further to about $1.750.

Technical Indicators

Hourly MACD: The MACD for the XRP/USD pair is currently gathering strength in the bearish zone.
Hourly RSI (Relative Strength Index): The RSI for XRP/USD is situated below the 50 threshold.
Major Support Levels: $1.950 and $1.9320.
Major Resistance Levels: $2.00 and $2.020.