XRP price started a fresh decline below $2.080 and is now struggling, facing resistance near $2.040.
Key Points
– XRP started a decline below the $2.050 zone.
– The price trades below $2.050 and the 100-hourly Simple Moving Average.
– A bearish trend line is forming with resistance at $2.040 on the hourly chart (XRP/USD, Kraken).
– The pair could fall further if it settles below $2.00.
XRP Price Struggles Near Resistance
XRP attempted a recovery above $2.150 but failed to sustain gains, similar to Bitcoin and Ethereum. The price dropped below $2.080 and $2.050, briefly breaking the $2.00 support with a low at $1.993 before starting an upside correction. The move recovered above the 23.6% Fibonacci retracement of the fall from $2.177 to $1.993.
Bears remain active near $2.040–$2.050. A bearish trend line on the hourly chart is capping gains, and the price sits below the 100-hour SMA. If buyers push higher, $2.040 is the immediate resistance, followed by $2.080 (50% Fib of the recent drop). Further hurdles are at $2.150, $2.1850, $2.220 and then $2.250.
Another Decline?
Failure to clear $2.040 could prompt another leg down. Initial support is near $2.00, with major support at $1.9880. A decisive break and close below $1.9880 could extend losses toward $1.920, then $1.880 and potentially $1.820.
Technical Indicators
– Hourly MACD: Losing momentum in the bearish zone.
– Hourly RSI: Now above the 50 level.
– Major Support Levels: $2.00 and $1.9850.
– Major Resistance Levels: $2.040 and $2.080.
