Recently, the price of XRP experienced a downward trend, slipping below the $2.00 mark. However, it is now showing signs of recovery, albeit facing resistance around the $2.050 level. This decline and subsequent recovery come amidst a bearish trend line forming with resistance at $2.020 on the XRP/USD hourly chart, as per data sourced from Kraken.
Like Bitcoin and Ethereum, XRP too saw a downward reaction, falling below the $2.120 support level. The price even dipped below the $2.050 and $2.020 support levels. The pair found support at $1.920, with the lowest point recorded at $1.910, post which, it began rebounding.
The recovery wave saw the price surpass the 23.6% Fib retracement level of the downward swing from the $2.178 high to the $1.910 low. However, the price is still trading below the $2.020 level and the 100-hourly Simple Moving Average. Moreover, a key bearish trend line is present with resistance at the $2.020 level on the XRP/USD hourly chart.
The first significant resistance is near the $2.050 level or the 50% Fib retracement level of the downward swing from the $2.178 high to the $1.910 low. The subsequent resistance stands at $2.080. A decisive move above the $2.080 resistance might propel the price towards the $2.120 resistance. Further gains could see the price approaching the $2.150 resistance or even $2.20 in the near term. The next major hurdle for the bulls might be $2.250.
Alternatively, if XRP fails to breach the $2.050 resistance level, it could embark on another decline. The initial support on the downside is near the $1.950 level, followed by a major support at the $1.920 level. If there is a downside break and a close below the $1.920 level, the price might continue to decline towards the $1.880 support. The next major support is near the $1.840 zone.
The MACD for XRP/USD is currently slowing its pace in the bearish zone while the RSI for XRP/USD is now below the 50 level. Major Support Levels stand at $1.950 and $1.920 and Major Resistance Levels are $2.020 and $2.050.
