XRP Price Remains at Crucial Support, Igniting Discussion About Potential Breakout

XRP Price Slides Under Support Level

XRP's price has begun a new decline below the $2.10 mark. Currently, it is facing challenges with resistance near the $2.050 pivot level.

XRP's price has declined below the $2.050 level.
It is trading under $2.050 and below the 100-hour Simple Moving Average.
A bearish trend line is forming, presenting resistance at $2.120 on the hourly chart for the XRP/USD pair (data source: Kraken).
If the price settles below $2.00, it could continue to drop further.

XRP Price Decline Continues

XRP's price tried to bounce back above $2.150 but couldn't maintain that momentum, similar to trends seen in Bitcoin and Ethereum. The price began a new decline below the $2.10 and $2.050 levels, leading to a move under the $2.00 support level, bottoming out at $1.984. Currently, the price is consolidating its losses just below the 23.6% Fibonacci retracement level of the drop from the $2.275 swing high to the $1.984 low.

At present, the price is trading below both the $2.050 mark and the 100-hourly Simple Moving Average. Any upward movement is likely to encounter resistance around $2.050, with the first significant resistance coming in at $2.120. Additionally, a bearish trend line is forming at $2.120 on the hourly chart for the XRP/USD pair, close to the 50% Fibonacci retracement from the recent decline.

XRP Price Source: XRPUSD on TradingView.com

If XRP closes above $2.120, it could push the price towards $2.20, with a next key level at $2.250. A successful move above the $2.250 resistance might propel the price toward the $2.2850 mark, while any further gains could approach the $2.350 resistance. The next significant barrier for bullish traders might reach around $2.40.

Potential for Further Declines?

Should XRP fail to surpass the $2.050 resistance area, it may initiate another decline. Initial support can be found near the $2.00 level, while the next major support lies around $1.9850. If a downside break occurs, and the price closes below the $1.9850 level, it may continue to fall toward $1.920. Further declines could lead the price toward the significant support area near $1.880, and below this level, it may trend lower to around $1.820.

Technical Indicators

Hourly MACD: The MACD for XRP/USD is currently losing momentum in the bearish zone.
Hourly RSI (Relative Strength Index): The RSI for XRP/USD is now below the 50 threshold.
Major Support Levels: $2.00 and $1.9850.
Major Resistance Levels: $2.050 and $2.120.

Key Takeaways:

XRP's price has started a decline below critical levels.
It faces significant resistance at $2.050 and $2.120.
Support levels are critical at $2.00 and $1.9850.
Future price movements could lead to further declines or potential recoveries, depending on market dynamics.