XRP Price Recovery Fades—$2 Remains A Tough Nut to Crack
Tostig StaenglenXRP price started a fresh decline below the $1.750 zone and tested $1.60. The price is now correcting losses and facing hurdles near the $2.00 level.
- XRP price started a fresh decline below the $1.950 and $1.80 levels. ,
- The price is now trading below $1.950 and the 100-hourly Simple Moving Average. ,
- There is a connecting bearish trend line forming with resistance at $1.935 on the hourly chart of the XRP/USD pair (data source from Kraken). ,
- The pair might extend losses if it fails to clear the $2.00 resistance zone.
XRP Price Faces Resistance
XRP price failed to settle above the $2.00 level and started a fresh decline, like Bitcoin and Ethereum. The price declined below the $1.950 and $1.80 support levels.
There was a move above the $1.750 and $1.720 levels. The price even declined below the $1.650 level. A low was formed at $1.610 and the price is now correcting losses. There was a move above the $1.80 and $1.850 levels. The price cleared the 50% Fib retracement level of the downward move from the $2.168 swing high to the $1.610 low.
The price is now trading below $1.950 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $1.9350 level. There is also a connecting bearish trend line forming with resistance at $1.935 on the hourly chart of the XRP/USD pair.
The trend line is close to the 61.8% Fib retracement level of the downward move from the $2.168 swing high to the $1.610 low. The first major resistance is near the $2.00 level.
The next resistance is $2.050. A clear move above the $2.050 resistance might send the price toward the $2.120 resistance. Any more gains might send the price toward the $2.150 resistance or even $2.1650 in the near term. The next major hurdle for the bulls might be $2.20.
Another Decline?
If XRP fails to clear the $1.950 resistance zone, it could start another decline. Initial support on the downside is near the $1.850 level. The next major support is near the $1.80 level.
If there is a downside break and a close below the $1.80 level, the price might continue to decline toward the $1.740 support. The next major support sits near the $1.650 zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $1.850 and $1.80.
Major Resistance Levels – $1.950 and $2.00.
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