XRP Price Signals Trouble As Bears Prepare Another Push Lower

Source: CryptoNewsNet Original Title: XRP Price Signals Trouble As Bears Prepare Another Push Lower Original Link:

Market Overview

XRP price extended losses and traded below $1.920. The price is now consolidating and might decline further if it remains below $1.980.

• XRP price started a fresh decline below the $1.920 zone
• The price is now trading below $1.9250 and the 100-hourly Simple Moving Average
• There are two bearish trend lines forming with resistance at $1.95 and $2.00 on the hourly chart of the XRP/USD pair
• The pair could continue to move down if it stays below $1.950

XRP Price Dips Again

XRP price failed to stay above $2.00 and started a fresh decline, like Bitcoin and Ethereum. The price declined below $1.950 and $1.9350 to enter a short-term bearish zone.

The price even spiked below $1.920. A low was formed at $1.90, and the price is now consolidating losses. There was a recovery wave above $1.9120. The price cleared the 23.6% Fib retracement level of the downward move from the $1.987 swing high to the $1.90 low, but the bears remained active.

The price is now trading below $1.950 and the 100-hourly Simple Moving Average. If there is a fresh upward move, the price might face resistance near the $1.9450 level and the 50% Fib retracement level of the downward move from the $1.987 swing high to the $1.90 low. There are also two bearish trend lines forming with resistance at $1.95 and $2.00 on the hourly chart of the XRP/USD pair.

The first major resistance is near the $2.00 level and the second trend line. A close above $2.00 could send the price to $2.050. The next hurdle sits at $2.10. A clear move above the $2.10 resistance might send the price toward the $2.120 resistance. Any more gains might send the price toward the $2.150 resistance. The next major hurdle for the bulls might be near $2.20.

Downside Break?

If XRP fails to clear the $1.95 resistance zone, it could start a fresh decline. Initial support on the downside is near the $1.90 level. The next major support is near the $1.870 level.

If there is a downside break and a close below the $1.870 level, the price might continue to decline toward $1.8480. The next major support sits near the $1.820 zone, below which the price could continue lower toward $1.7880.

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 — $1.90 and $1.870

Major Resistance Levels — $1.950 and $2.00