XRP price failed to surpass $2.00 and started another decline. The price is now correcting gains and might struggle to stay above $1.860.
XRP price started a downside correction and tested the $1.90 zone.
The price is now trading near $1.890 and the 100-hourly Simple Moving Average.
There is a declining channel or a possible bullish flag pattern forming with support at $1.860 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could start another increase if it clears $1.950.
XRP Price Struggles Below $2.00
XRP price failed to clear $2.00 and started a downside correction, underperforming Bitcoin and Ethereum. The price dipped below the $1.920 and $1.90 levels to enter a negative zone.
The price even dipped below the 50% Fib retracement level of the upward move from the $1.810 swing low to the $1.945 high. The bulls are now active near $1.880. There is also a declining channel or a possible bullish flag pattern forming with support at $1.860 on the hourly chart of the XRP/USD pair.
The price is now trading near $1.890 and the 100-hourly Simple Moving Average. If there is a fresh upward move, the price might face resistance near the $1.920 level. The first major resistance is near the $1.950 level, above which the price could rise and test $2.00.
A clear move above the $2.00 resistance might send the price toward the $2.050 resistance. Any more gains might send the price toward the $2.120 resistance. The next major hurdle for the bulls might be near $2.150.
Another Decline?
If XRP fails to clear the $1.950 resistance zone, it could start a fresh decline. Initial support on the downside is near the $1.880 level. The next major support is near the $1.860 level and the 61.8% Fib retracement level of the upward move from the $1.810 swing low to the $1.945 high.
If there is a downside break and a close below the $1.860 level, the price might continue to decline toward $1.8320. The next major support sits near the $1.80 zone, below which the price could continue lower toward $1.7650.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major Support Levels – $1.880 and $1.860.
Major Resistance Levels – $1.950 and $2.00.
