XRP Price Loses Momentum: Traders Reevaluate Bullish Prospects

XRP price has struggled to maintain upward momentum, failing to break the $2.20 threshold, and is now encountering corrections that may challenge its ability to stay above the $2.080 mark.

Key Takeaways

XRP has faced a downward correction after not surpassing $2.20.
The current trading price is under $2.120 and below the 100-hour Simple Moving Average (SMA).
A bullish trend line with support rests at $2.080 for the XRP/USD pair.
The price could see an uptick if it exceeds the $2.150 level.

XRP Price Gives Back Momentum

XRP Experiences a New Decline

After attempts to exceed the $2.20 mark, XRP has started a downward shift, dropping below the $2.150 zone and lagging behind Bitcoin and Ethereum. The price has dipped beneath the $2.120 and $2.10 levels, entering a negative zone.

Currently, the price has even crossed under the 61.8% Fibonacci retracement level from an upward swing that ranged from a low of $2.032 to a high of $2.193. Buyers are becoming more active near the $2.080 level, where a bullish trend line is taking shape on the hourly chart of the XRP/USD pair.

Currently, XRP is trading below the 100-hour SMA. If there is a new upward movement, the price might encounter resistance around the $2.120 level. The primary resistance level is around $2.150, and if breached, could allow the price to test $2.20 again.

XRP Price Chart
Source: XRPUSD on TradingView.com

If the price manages to sustain a clear break above the $2.20 resistance, it could aim for the $2.250 resistance. Continued gains might see it reaching around $2.320, with the next significant challenge for buyers near the $2.350 level.

What Lies Ahead: Potential Losses?

Should XRP fail to surpass the $2.120 resistance zone, it could initiate another decline. The immediate support on the downside is located around the $2.080 level, followed by the critical support near the $2.070 level, coinciding with the 76.4% Fibonacci retracement of the earlier upward movement from $2.032 to $2.193.

If the price breaks down and finishes below the $2.070 mark, it may continue to fall toward the $2.050 level. Further decline sets the next major support level near the $2.020 area, below which prices could drop toward $2.00.

Technical Indicators

Hourly MACD: The MACD for XRP/USD is gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index): The RSI for XRP/USD is currently below the 50 mark.

Major Support Levels: $2.080 and $2.050
Major Resistance Levels: $2.120 and $2.150