The price of XRP has started a notable decline, slipping beneath the $2.10 mark, which has raised concerns among traders about its ability to maintain upward momentum.
Currently, XRP is facing resistance around the pivotal $2.050 level. After an unsuccessful attempt to recover above $2.120, the price has fallen below the $2.040 threshold and is now trading under $2.020, along with the 100-hourly Simple Moving Average.
A bearish trend line is forming, indicating further pressure, particularly if the price settles below the crucial $2.00 support level. This recent downturn has seen a low established at $1.993, with current trading taking place below the 23.6% Fibonacci retracement level of the downward movement from the $2.177 swing high to the $1.993 low.
As the price consolidates below $2.050 and the 100-hourly Simple Moving Average, any upward movement may encounter resistance around the $2.0350 level. The immediate resistance remains near $2.050, where the bearish trend line is also situated. A breakthrough above this level could potentially propel the price to $2.085 and the 50% Fibonacci retracement level of the recent decline.
Should the price manage to surpass the $2.10 resistance, a further rally towards the $2.150 resistance could be on the horizon, with the next significant hurdle for bullish momentum located around $2.220.
Conversely, if XRP fails to overcome the $2.050 resistance zone, a fresh decline seems likely. Initial support on the downside is around $2.00, followed by a more significant support level at approximately $1.9850. A decisive break and close below $1.9850 could open the door for a continued downward trend towards $1.920 and potentially lower to the $1.880 zone.
Technical indicators reveal a bearish sentiment, with the hourly MACD gaining momentum in the negative zone, and the hourly RSI for XRP trading below the 50 level. Key support levels to monitor are located at $2.00 and $1.9850, while major resistance remains at $2.050 and $2.10.
