XRP Price Movement Shows Signs of Decline as Familiar Patterns Emerge

XRP's recent attempts to rise above $1.920 have faltered, contributing to a downward trend. Currently, the price faces challenges at the $1.820 mark.

Key Takeaways

XRP has retreated below $1.850 after an unsuccessful push above $1.920.
The price is currently lower than the 100-hourly Simple Moving Average.
A bearish trend line is developing with key resistance at $1.920 on the XRP/USD hourly chart.
If XRP settles below $1.780, it may see further declines.

XRP Price Continues Lower as Sellers Tighten Grip on Intraday Structure

XRP Price Declines to Weekly Lows

XRP made an attempt to recover past the $1.90 mark, but without success, similar to trends observed in Bitcoin and Ethereum. The price subsequently dropped below both the $1.880 and $1.850 thresholds. It has also fallen below the critical support level of $1.820, reaching a low of $1.7707, suggesting bearish momentum based on its position relative to the 23.6% Fibonacci retracement level from the recent high of $1.9331 down to $1.7707.

Currently, XRP is trading below $1.850 and the 100-hourly Simple Moving Average, with a bearish trend line emerging that shows resistance at $1.920. Should there be any upward movement, the price may encounter resistance close to the $1.810 level, with the first significant resistance near the $1.8520 mark, coinciding with the 50% Fibonacci retracement level of its drop from $1.9331 to $1.7707. If XRP closes above $1.8520, it might rise toward $1.880.

XRP Price Chart Source: XRPUSD on TradingView.com

The next resistance point is at $1.920 alongside the trend line; overcoming this barrier could lead the price toward $1.9650. Additional gains may push XRP to the critical $2.00 resistance, while a significant challenge for bulls lies around $2.050.

What Lies Ahead for XRP?

If XRP is unable to break through the $1.8520 resistance level, it could initiate a new downward trend. Initial support is found near the $1.780 level, followed by major support at $1.7620. Should there be a downside breach and a close below $1.7620, XRP could continue its descent toward the $1.720 mark, with further declines possible as it approaches the $1.70 zone and potentially down to $1.680.

Technical Indicators

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

Significant Support Levels

$1.780 and $1.7620.

Key Resistance Levels

$1.8520 and $1.920.