XRP price started a fresh decline from the $1.950 zone and tested $1.750. The price is now consolidating losses and facing hurdles near the $1.90 level.
XRP price started a fresh decline below the $1.880 and $1.850 levels.
The price is now trading below $1.850 and the 100-hourly Simple Moving Average.
There is a connecting bearish trend line forming with resistance at $1.90 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair might extend losses if it fails to clear the $1.90 resistance zone.
XRP Price Faces Resistance
XRP price failed to remain above the $2.00 level and started a fresh decline, like Bitcoin and Ethereum. The price declined below the $1.880 and $1.850 support levels.
There was a move above the $1.720 and $1.700 levels. The price even declined below the $1.650 level. A low was formed at $1.610 and the price recently corrected some losses. There was a move above the $1.820 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.
However, the bears were active near the $1.950 resistance and the 61.8% Fib retracement level of the downward move from the $2.168 swing high to the $1.610 low. There is also a connecting bearish trend line forming with resistance at $1.90 on the hourly chart of the XRP/USD pair.
The price is now trading below $1.850 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $1.850 level. The first major resistance is near the $1.880 level.
The next resistance is $1.90. A clear move above the $1.90 resistance might send the price toward the $2.00 resistance. Any more gains might send the price toward the $2.050 resistance or even $2.0650 in the near term. The next major hurdle for the bulls might be $2.120.
Another Decline?
If XRP fails to clear the $1.90 resistance zone, it could start another decline. Initial support on the downside is near the $1.750 level. The next major support is near the $1.70 level.
If there is a downside break and a close below the $1.70 level, the price might continue to decline toward the $1.650 support. The next major support sits near the $1.60 zone.
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 – $1.750 and $1.70.
Major Resistance Levels – $1.850 and $1.90.
