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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’s $2.00 Pivot Point—A Launchpad or Breakdown Zone?

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XRP price started a fresh decline below the $2.150 zone. The price is now consolidating above $2.00 and facing hurdles near the $2.120 zone.

  • XRP price started a downside correction from the $2.250 resistance 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 $2.130 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair might extend losses if there is a close below the $2.00 support zone.

XRP Price Faces Resistance

XRP price started a downside correction from the $2.250 zone, like Bitcoin and Ethereum. The price traded below the $2.150 and $2.120 levels to enter a bearish zone.

The price even spiked below $2.050 but stayed above $2.00. A low was formed at $2.036 and the price is now consolidating losses. There was a recovery wave above the $2.10 level. The price spiked above the 50% Fib retracement level of the downward move from the $2.184 swing high to the $2.036 low.

The price is now trading below $2.10 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $2.120 level. There is also a key bearish trend line forming with resistance at $2.130 on the hourly chart of the XRP/USD pair.

XRP Price

The trend line is near the 61.8% Fib retracement level of the downward move from the $2.184 swing high to the $2.036 low. The first major resistance is near the $2.180 level. The next resistance is $2.20. A clear move above the $2.20 resistance might send the price toward the $2.250 resistance. Any more gains might send the price toward the $2.320 resistance or even $2.350 in the near term. The next major hurdle for the bulls might be $2.50.

More Losses?

If XRP fails to clear the $2.120 resistance zone, it could start another decline. Initial support on the downside is near the $2.030 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 the $1.920 support. The next major support sits near the $1.840 zone.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now losing pace in the bearish zone.

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

Major Support Levels – $2.030 and $2.00.

Major Resistance Levels – $2.120 and $2.180.

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