XRP Price Faces Resistance – Will It Break Out or Break Down?

XRP price has recently dropped below $2.080 and is currently facing challenges, especially near the $2.040 resistance level.

Key Takeaways

XRP price is down, trading under $2.050 and facing resistance around $2.040.
A bearish trend line is forming, indicating potential further declines if the price holds beneath $2.00.
After a low of $1.993, the price attempted an upward correction but is still encountering resistance.
Key support levels to watch include $2.00 and $1.9880, while resistance levels are positioned at $2.040 and $2.080.

XRP Price Fights Resistance

XRP Price Struggles to Overcome Resistance

XRP attempted to rally above $2.150 but was unable to sustain that upward momentum, similar to the movements of Bitcoin and Ethereum. Following this failure, the price fell below both the $2.080 and $2.050 thresholds, even dipping beneath the important $2.00 support level, reaching a low of $1.993.

Recently, XRP started a minor recovery, moving above the 23.6% Fibonacci retracement level of the recent decline from $2.177 to $1.993. However, resistance remains strong near the $2.040 and $2.050 levels. A bearish trend line has also formed on the hourly chart for the XRP/USD pair, marking resistance at $2.040. Currently, the price is below both the $2.050 mark and the 100-hourly Simple Moving Average.

If XRP is able to mount a fresh upward move, it may encounter resistance near the $2.040 level. The first key resistance is around $2.080, which also coincides with the 50% Fibonacci retracement level from the downward movement.

XRP Price
Source: XRPUSD on TradingView.com

A closing price above $2.080 could propel XRP to around $2.012. The next significant hurdle would then be positioned at $2.150. If the price successfully clears this level, we could see it rise towards $2.1850, with potential further gains reaching up to $2.220. Resistance around the $2.250 mark could become a major target for bullish investors.

Potential for Another Decline

Should XRP fail to break above the $2.040 resistance zone, there is a risk of initiating a new downward trend. Immediate support on the downside is found near the $2.00 level, with the next key support at $1.9880.

If there’s a break and close below the $1.9880 level, the price might continue to drop towards $1.920. Additional support lies near the $1.880 area; a decline beyond this point could push XRP further down to around $1.820.

Technical Indicators

Hourly MACD: The MACD for XRP/USD is losing momentum within the bearish zone.
Hourly RSI (Relative Strength Index): The RSI for XRP/USD is currently above the 50 level, indicating some upward potential.
Major Support Levels: $2.00 and $1.9850
Major Resistance Levels: $2.040 and $2.080