XRP Price Dives Below $2—Is This the Start of a Bigger Breakdown?

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XRP price started a fresh decline below the $2.00 zone. The price is now consolidating and might face hurdles near the $1.880 level.

• XRP price started a fresh decline below the $2.00 and $1.880 levels.
• The price is now trading below $1.850 and the 100-hourly Simple Moving Average.
• There was a break below a connecting bullish trend line with support at $2.120 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair might extend losses if it fails to stay above the $1.80 zone.

XRP Price Dips Sharply

XRP price failed to settle above the $2.050 level and started a fresh decline, like Bitcoin and Ethereum . The price declined below the $2.00 and $1.950 support levels.

There was a break below a connecting bullish trend line with support at $2.120 on the hourly chart of the XRP/USD pair. There was a move above the $1.880 and $1.80 levels. The price even declined below the $1.820 level. A low was formed at $1.797 and the price is now consolidating losses.

The price is now trading below $1.850 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $1.850 level. The first major resistance is near the $1.880 level. It is near the 23.6% Fib retracement level of the downward move from the $2.168 swing high to the $1.797 low.

The next resistance is $1.950. A clear move above the $1.950 resistance might send the price toward the $2.00 resistance or the 61.8% Fib retracement level of the downward move from the $2.168 swing high to the $1.797 low.

Any more gains might send the price toward the $2.050 resistance or even $2.0650 in the near term. The next major hurdle for the bulls might be $2.120.

Another Decline?

If XRP fails to clear the $1.880 resistance zone, it could start another decline. Initial support on the downside is near the $1.80 level. The next major support is near the $1.7650 level.

If there is a downside break and a close below the $1.7650 level, the price might continue to decline toward the $1.720 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 bearish zone.

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

Major Support Levels – $1.80 and $1.7650.

Major Resistance Levels – $1.850 and $1.880.