XRP Bulls on the Ropes? Price Action Signals Deeper Decline
XRP has recently struggled to maintain upward momentum, failing to breach the crucial $1.950 resistance level and trimming earlier gains. The cryptocurrency now finds itself battling strong resistance near the $1.90 mark, signaling a potential bearish trend as it trades below key moving averages and faces significant downside risks.
XRP Price Fails to Break Resistance
The digital asset initiated a fresh downturn, falling below the $1.90 and $1.880 zones. Despite an attempt to recover above $1.920, XRP could not sustain higher levels, mirroring similar struggles seen in Bitcoin and Ethereum. A low was established at $1.8473, with the price now showing bearish indicators below the 23.6% Fibonacci retracement level of its recent downward move from $1.9865 to $1.8437. Critical resistance points include the 100-hourly Simple Moving Average and a bearish trend line at $1.9350 on the hourly chart. Should an upward reversal occur, immediate resistance is expected around $1.880, followed by a major hurdle at $1.9150, which aligns with the 50% Fib retracement. Surpassing $1.9150 could pave the way for a rally towards $1.9350, with further targets at $2.00, $2.020, and potentially $2.080.
Threat of Further Losses Looms
If XRP fails to overcome the $1.9150 resistance, it could trigger a fresh wave of declines. Initial downside support is projected near $1.850, with a more significant support level residing around $1.8320. A decisive break and close below $1.8320 could accelerate the downward trajectory towards $1.80. Subsequent major support zones are identified near $1.7650 and, if broken, could lead to a fall to $1.720. Technical indicators underscore this precarious position; the Hourly MACD is gaining momentum in the bearish zone, and the Relative Strength Index (RSI) for XRP/USD is currently positioned below the 50 level, reinforcing the prevailing bearish sentiment. Key Technical Levels:
- Major Support Levels: $1.850 and $1.8320
- Major Resistance Levels: $1.9150 and $1.9350
