XRP Price Under Pressure—New Lows Signal More Trouble Ahead

XRP price started a fresh decline below the $2.120 zone. The price is now consolidating and might face hurdles near the $2.10 level.

• XRP price started a fresh decline after it failed to clear the $2.2350 resistance zone.
• The price is now trading below $2.120 and the 100-hourly Simple Moving Average.
• There was a break below a short-term contracting triangle with support at $2.080 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair might extend losses if it fails to clear the $2.120 resistance zone.

XRP Price Trims Gains

XRP price attempted a recovery wave above the $2.120 and $2.20 resistance levels, like Bitcoin and Ethereum . The price even spiked above $2.20 before the bears appeared.

A high was formed at $2.2350 and there was a strong bearish reaction. The price dipped below the $2.150 and $2.120 support levels. There was a break below a short-term contracting triangle with support at $2.080 on the hourly chart of the XRP/USD pair.

A new weekly low was formed at $1.9832 and the price is now consolidating losses. The price is now trading below $2.10 and the 100-hourly Simple Moving Average.

There was a move above the 23.6% Fib retracement level of the downward move from the $2.235 swing high to the $1.983 low. On the upside, the price might face resistance near the $2.070 level. The first major resistance is near the $2.10 level.

The 50%  and 50% Fib retracement level of the downward move from the $2.235 swing high to the $1.983 low is also near the $2.10 level. The next resistance is $2.1750. A clear move above the $2.1750 resistance might send the price toward the $2.20 resistance. Any more gains might send the price toward the $2.2350 resistance or even $2.40 in the near term. The next major hurdle for the bulls might be $2.50.

More Losses?

If XRP fails to clear the $2.10 resistance zone, it could start another decline. Initial support on the downside is near the $2.020 level. The next major support is near the $2.00 level.

If there is a downside break and a close below the $2.00 level, the price might continue to decline toward the $1.980 support. The next major support sits near the $1.950 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 – $2.020 and $2.00.

Major Resistance Levels – $2.10 and $2.1750.