XRP Price Recovery Fades—$2 Remains A Tough Nut to Crack

XRP 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.

Source: XRPUSD on TradingView.com

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.

Source