The price of XRP has recently slipped below the $1.880 mark, signaling a potential bearish trend as it struggles to maintain momentum. After failing to exceed the $1.950 threshold, XRP began a notable decline, now facing significant challenges to remain above the $1.850 level.
This downturn follows a broader market trend where XRP mirrored the movements of major cryptocurrencies like Bitcoin and Ethereum. The price fell below the $1.90 and $1.880 levels, entering a negative territory that has raised concerns among traders. Notably, XRP has dipped beneath the 50% Fibonacci retracement level of the recent upward movement from a low of $1.770 to a high of $1.9578.
Additionally, a bearish trend line has emerged, marking resistance at $1.870 on the hourly chart for the XRP/USD pair, based on data from Kraken. Currently trading below the 100-hourly Simple Moving Average, XRP may face further obstacles if it attempts to recover. Any upward movement could meet resistance around the $1.870 level and the trend line.
The initial resistance level is identified near $1.880. If XRP can surpass this, it could potentially test the $1.90 mark. A decisive break above $1.90 may lead to a rally towards $1.950, with further increases possibly targeting the $2.00 threshold. The next significant hurdle for bullish traders could appear at approximately $2.050.
Conversely, if XRP fails to overcome the $1.90 resistance zone, it could initiate another decline. Initial support is projected around the $1.8420 level, coinciding with the 61.8% Fibonacci retracement level from the recent upward move. The next critical support level is around the $1.80 mark. Should there be a downside breach and a close below this level, XRP might continue its downward trajectory towards $1.770, with further support near the $1.750 zone. If this support fails, prices could extend lower towards $1.720.
Technical indicators also reflect this bearish sentiment. The hourly MACD for XRP/USD is gaining traction in the bearish zone, while the hourly Relative Strength Index (RSI) indicates a position below the 50 level, further suggesting weakness in the market.
In summary, XRP”s price action is currently characterized by significant resistance levels and potential support zones that will be crucial in determining its short-term trajectory. Traders should remain vigilant as these dynamics evolve.
