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Categories:

Hot right now:

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Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

XRP Price Recovery Fades—$2 Remains A Tough Nut to Crack

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XRP price started a fresh decline below the $1.750 zone and tested $1.60. The price is now correcting losses and facing hurdles near the $2.00 level.

  • XRP price started a fresh decline below the $1.950 and $1.80 levels.
  • The price is now trading below $1.950 and the 100-hourly Simple Moving Average.
  • There is a connecting bearish trend line forming with resistance at $1.935 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair might extend losses if it fails to clear the $2.00 resistance zone.

XRP Price Faces Resistance

XRP price failed to settle above the $2.00 level and started a fresh decline, like Bitcoin and Ethereum. The price declined below the $1.950 and $1.80 support levels.

There was a move above the $1.750 and $1.720 levels. The price even declined below the $1.650 level. A low was formed at $1.610 and the price is now correcting losses. There was a move above the $1.80 and $1.850 levels. The price cleared the 50% Fib retracement level of the downward move from the $2.168 swing high to the $1.610 low.

The price is now trading below $1.950 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $1.9350 level. There is also a connecting bearish trend line forming with resistance at $1.935 on the hourly chart of the XRP/USD pair.

The trend line is close to the 61.8% Fib retracement level of the downward move from the $2.168 swing high to the $1.610 low. The first major resistance is near the $2.00 level.

XRP Price

The next resistance is $2.050. A clear move above the $2.050 resistance might send the price toward the $2.120 resistance. Any more gains might send the price toward the $2.150 resistance or even $2.1650 in the near term. The next major hurdle for the bulls might be $2.20.

Another Decline?

If XRP fails to clear the $1.950 resistance zone, it could start another decline. Initial support on the downside is near the $1.850 level. The next major support is near the $1.80 level.

If there is a downside break and a close below the $1.80 level, the price might continue to decline toward the $1.740 support. The next major support sits near the $1.650 zone.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.

Major Support Levels – $1.850 and $1.80.

Major Resistance Levels – $1.950 and $2.00.

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