XRP Price Weakens—Further Losses on The Table?

XRP price started a fresh decline below the $2.120 zone. The price is now consolidating above $2.00 and remains at risk of more losses below $2.00.

• XRP price started a fresh decline below the $2.150 zone.
• The price is now trading below $2.120 and the 100-hourly Simple Moving Average.
• There is a key bearish trend line forming with resistance at $2.10 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair might extend losses if there is a close below the $2.00 support zone.

XRP Price Dips Again

XRP price started another decline below the $2.20 zone, like Bitcoin and Ethereum. The price traded below the $2.150 and $2.120 levels to enter a bearish zone.

The price even spiked below $2.050 before the bulls appeared. A low was formed at $2.036 and the price is now consolidating losses. There was a minor increase above the $2.10 level. However, the bears were active near the 50% Fib retracement level of the downward move from the $2.184 swing high to the $2.036 low.

The price is now trading below $2.10 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $2.10 level. There is also a key bearish trend line forming with resistance at $2.10 on the hourly chart of the XRP/USD pair.

The first major resistance is near the $2.1280 level and the 61.8% Fib retracement level of the downward move from the $2.184 swing high to the $2.036 low. The next resistance is $2.1850. A clear move above the $2.1850 resistance might send the price toward the $2.250 resistance. Any more gains might send the price toward the $2.320 resistance or even $2.350 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 $2.040 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 $1.920 support. The next major support sits near the $1.840 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 – $2.040 and $2.00.

Major Resistance Levels – $2.10 and $2.1850.

Source