XRP Price Declines Below $2.00 Facing Resistance at $2.020
XRP is experiencing a downward trend, trading below $2.00 and facing resistance.
- Price started declining below the $2.00 mark and is below the 100-hourly Simple Moving Average.
- A bearish trend line forms with resistance at $2.020 on the hourly XRP/USD chart (Kraken data).
- The price could drop further if it stays below $1.950.
Recent Price Movements
XRP attempted but failed to maintain a recovery wave above $2.120, dipping below $2.050 and $2.020. A low of $1.9525 was recorded, followed by an upside correction above the 50% Fib level from $2.047 to $1.952.
Bears are active around $2.00 and $2.020, with resistance near these levels. The price remains under $2.00 and the 100-hourly SMA.
If upward movement resumes, resistance is expected near $2.020 and the 61.8% Fib level from $2.047 to $1.952.
A break above $2.020 may push the price to $2.050, with further hurdles at $2.080 and $2.120. Overcoming these could lead to targets of $2.150 and possibly $2.20.
Potential Decline
If XRP doesn't surpass the $2.020 resistance, it might decline again. Initial support lies near $1.9650, with major support at $1.950. A break below $1.950 could lead to declines toward $1.920 and potentially $1.820.
Technical Indicators
- Hourly MACD: Increasing in the bearish zone.
- Hourly RSI: Below 50.
- Support Levels: $1.950, $1.920.
- Resistance Levels: $2.020, $2.050.