XRP price extended losses and traded below $1.880. The price is now consolidating and might decline further if it remains below $1.920.
- XRP price started a fresh decline below the $1.90 zone.
- The price is now trading below $1.90 and the 100-hourly Simple Moving Average.
- There is a key bearish trend line forming with resistance at $1.885 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could continue to move down if it stays below $1.90.
XRP Price Dips Further
XRP price failed to stay above $1.950 and started a fresh decline, like Bitcoin and Ethereum. The price declined below $1.920 and $1.90 to enter a short-term bearish zone.
The price even spiked below $1.850. A low was formed at $1.810, and the price is now consolidating losses. There was a recovery wave above $1.850. The price cleared the 23.6% Fib retracement level of the downward move from the $1.963 swing high to the $1.810 low, but the bears remained active.
The price is now trading below $1.90 and the 100-hourly Simple Moving Average. If there is a fresh upward move, the price might face resistance near the $1.8850 level and the 50% Fib retracement level of the downward move from the $1.963 swing high to the $1.810 low. There is also a key bearish trend line forming with resistance at $1.885 on the hourly chart of the XRP/USD pair.
The first major resistance is near the $1.90 level. A close above $1.90 could send the price to $1.950. The next hurdle sits at $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 $2.20.
Downside Break?
If XRP fails to clear the $1.90 resistance zone, it could start a fresh decline. Initial support on the downside is near the $1.840 level. The next major support is near the $1.820 level.
If there is a downside break and a close below the $1.820 level, the price might continue to decline toward $1.780. The next major support sits near the $1.750 zone, below which the price could continue lower toward $1.70.
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 near the 50 level.
Major Support Levels – $1.840 and $1.820.
Major Resistance Levels – $1.8850 and $1.90.
