XRP Price Weakness Deepens, Opening the Door to a Sharper Drop

Source: CryptoNewsNet Original Title: XRP Price Weakness Deepens, Opening the Door to a Sharper Drop Original Link: https://cryptonews.net/news/analytics/32266532/

XRP Price Extended Losses

XRP price extended losses and traded below $2.080. The price is now attempting to start a fresh increase and faces hurdles near the $2.120 level.

• XRP price started a fresh decline below the $2.10 zone
• The price is now trading below $2.10 and the 100-hourly Simple Moving Average
• There is a key bearish trend line forming with resistance at $2.080 on the hourly chart of the XRP/USD pair
• The pair could continue to move down if it stays below $2.10

XRP Price Turns Red

XRP price failed to stay above $2.150 and started a fresh decline, like Bitcoin and Ethereum. The price declined below $2.120 and $2.10 to enter a short-term bearish zone.

The price even spiked below $2.050. A low was formed at $2.034, and the price is now consolidating losses. There was an attempt to clear $2.10, but the bears remained active. There is also a key bearish trend line forming with resistance at $2.080 on the hourly chart of the XRP/USD pair.

The price is now trading below $2.10 and the 100-hourly Simple Moving Average. If there is a fresh upward move, the price might face resistance near the $2.080 level and the trend line. The first major resistance is near the $2.120 level. It is close to the 23.6% Fib retracement level of the downward move from the $2.415 swing high to the $2.034 low.

A close above $2.120 could send the price to $2.20. The next hurdle sits at $2.220 or the 50% Fib retracement level of the downward move from the $2.415 swing high to the $2.034 low. A clear move above the $2.220 resistance might send the price toward the $2.280 resistance. Any more gains might send the price toward the $2.320 resistance. The next major hurdle for the bulls might be near $2.350.

More Losses?

If XRP fails to clear the $2.10 resistance zone, it could start a fresh 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 $1.950. The next major support sits near the $1.920 zone, below which the price could continue lower toward $1.880.

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 $2.120.