XRP Price Recovery Appears Weak—Can Bulls Overcome Resistance?

XRP price has initiated a recovery above the $1.90 mark. However, it is currently consolidating and may find it challenging to break through the $2.00 resistance level.

Key Takeaways

XRP price began to recover above the $1.90 level.
It is currently trading below $2.00 and the 100-hour Simple Moving Average.
A bearish trend line is developing with a resistance point at $1.9520 on the hourly XRP/USD chart.
Sustaining above $2.00 could lead to further upward movement for the pair.

XRP Price Aims for Another Bullish Wave

XRP Price Encounters Resistance

The XRP price found support above $1.850 and has begun a recovery, similar to movements seen in Bitcoin and Ethereum. It successfully climbed above $1.880 and $1.90, entering a brief positive phase.

Additionally, it surpassed the 23.6% Fibonacci retracement level from a previous drop that began at $2.047 and reached a low of $1.850. However, sellers have successfully kept the price below the crucial $1.950 level, resulting in some downward movement. A bearish trend line is forming, creating resistance at $1.9520, as shown on the hourly chart for the XRP/USD pair.

Currently, XRP is trading below both the $1.950 mark and the 100-hourly Simple Moving Average. Should the price move upwards again, it may face challenges near the $1.950 level and the mentioned trend line, which aligns with the 50% Fibonacci retracement level from the $2.047 high to the $1.850 low.

XRP Price
Source: XRPUSD on TradingView.com

The primary resistance level lies at $2.00. If the price manages to close above this threshold, it may surge to $2.050. The next significant resistance appears at $2.120. Should it break this barrier, XRP could aim for the $2.20 and subsequently the $2.220 levels. The next considerable challenge for bulls is expected near $2.250.

Potential for a Decline?

If XRP cannot surpass the $2.00 resistance range, it might trigger a downward trend. The initial support level on the downside is around $1.90, with further significant support near $1.850.

In the event of a breakdown and a close beneath the $1.850 level, the price may continue to drop towards $1.820. Further declines could lead it towards the $1.80 zone, below which the price might trend lower towards $1.7650.

Technical Indicators

Hourly MACD: The MACD for XRP/USD is slowing down in the bearish zone.
Hourly RSI (Relative Strength Index): The RSI for XRP/USD has surpassed the 50 mark.
Major Support Levels: $1.90 and $1.850.
Major Resistance Levels: $1.950 and $2.00.