XRP Price Stabilizes After Rapid Decline: Market Observes Closely

XRP price witnessed a sharp decline, dipping below $2.00. Currently, the price is stabilizing, but further declines may occur if it remains under this critical threshold.

Key Takeaways

XRP's price has fallen below the crucial $2.00 level.
A bearish trend has been established following a breakdown below the $2.050 support level.
Price consolidation is happening around $1.847, with a possibility of further declines if resistance is not overcome.
Important resistance levels to watch are at $1.980 and $2.00, while support levels are at $1.920 and $1.90.

XRP Price Positive Streak Fades

XRP has experienced a significant drop in price, falling below the $2.00 mark as it enters a bearish trend, similar to other cryptocurrencies like Bitcoin and Ethereum. A close observation of trading patterns and resistance levels is crucial as the market adjusts.

XRP Price Declines Sharply

XRP's price could not maintain a level above $2.10 and has started to decrease, alongside other cryptocurrencies like Bitcoin and Ethereum. The price plummeted past $2.020 and $2.00, marking its entrance into a short-term bearish territory.

On the hourly chart of the XRP/USD pair, a break occurred below a contracting triangle that had a key support level at $2.050. At one point, the price dipped below $1.880, forming a low of $1.847. Currently, XRP is consolidating its losses, with a minor recovery pushing the price back above $1.920. It briefly tested the 50% Fibonacci retracement level of the recent decline from the swing high of $2.065 to the low of $1.847, but bearish sentiment remains strong.

At present, XRP is trading below the critical $2.00 threshold and the 100-hourly Simple Moving Average. Should a new upward trend develop, resistance is anticipated around the $1.980 level and the 61.8% Fib retracement of the decline from $2.065 to $1.847.

XRP Price Analysis
Source: XRPUSD on TradingView.com

The primary resistance to watch is near the $2.00 mark. A close above this threshold could propel the price to $2.065. The next level of resistance sits at $2.10, which if surpassed, might lead the price towards $2.120. Continued gains could target the next notable resistance around $2.150, with a potential rally towards $2.20 for bullish investors.

Potential for Further Losses

If XRP struggles to break through the $2.00 resistance area, a fresh decline could take place. Initial support is positioned around the $1.9320 level, with a major support level emerging at $1.90.

Should there be a bearish break below the $1.90 support, it could trigger further declines towards $1.850. Additional significant support levels are identified around $1.820, beneath which the price might drop further towards $1.80.

Technical Indicators

Hourly MACD: The MACD for XRP/USD is losing momentum within the bearish zone.
Hourly RSI (Relative Strength Index): The RSI for XRP/USD is currently positioned below the 50 level.
Major Support Levels: $1.920 and $1.90.
Major Resistance Levels: $1.980 and $2.00.