XRP Price Shows Vulnerability with Another Decline Expected

XRP price was unable to push past the $1.950 mark and has entered another decline. Currently, the price is correcting its gains and may struggle to stay above $1.860.

Key Takeaways

XRP price has started a downward correction, falling below $1.90.
The current trading price is below $1.890 and the 100-hourly Simple Moving Average.
A breakdown below a significant bullish trend line with support at $1.910 on the hourly XRP/USD chart has occurred.
The price may have the potential to increase if it manages to stay above the $1.860 level.

XRP Price Signals Vulnerability

XRP Price Decline Continues

The XRP price struggled to break through $1.950 and began a downward correction, mirroring the trends seen in Bitcoin and Ethereum. As the price fell below the $1.90 and $1.880 levels, it entered a bearish territory.

Additionally, XRP dipped below the 50% Fibonacci retracement level from the recent upward move starting at the $1.810 low to the $1.945 high. Furthermore, it broke below a key bullish trend line, which supported at $1.910 on the hourly XRP/USD chart. Currently, the price is trading below $1.880 and the 100-hourly Simple Moving Average. If a fresh increase occurs, resistance is anticipated around the $1.90 level, with the first significant resistance level positioned near $1.9250. Surpassing this could allow XRP to rise further, potentially testing the $1.950 mark.

XRP Price Analysis
Source: XRPUSD on TradingView.com

A clear breakthrough above the $1.950 resistance might propel the price towards the $2.00 barrier. Continued upward momentum could see XRP reach the next significant resistance near $2.050.

Potential for Further Losses?

If XRP is unable to break through the $1.9250 resistance zone, it might face a fresh decline. The initial support level to watch on the downside is near $1.860, coinciding with the 61.8% Fibonacci retracement level from the previous upward movement. The next major support emerges around the $1.8420 level.

Should a downside break occur below this $1.8420 mark, the price may continue to slide towards $1.820. The next significant support sits near the $1.80 region, where further declines could carry the price down to $1.7650.

Technical Indicators

Hourly MACD: The MACD for XRP/USD is currently gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index): The RSI for XRP/USD has fallen below the 50 mark.
Key Support Levels: $1.860 and $1.8420.
Key Resistance Levels: $1.9250 and $1.950.