XRP Price Wobbles at $2.00—Will Bulls Step In to Save The Week?

XRP price started a fresh decline below the $2.250 and $2.20 support levels. The price is now consolidating losses and remains at risk of more losses.

• XRP price started a fresh decline below the $2.250 level.

• The price is now trading below $2.220 and the 100-hourly Simple Moving Average.

• There is a key bearish trend line forming with resistance at $2.20 on the hourly chart of the XRP/USD pair (data source from Kraken).

• The pair might continue to move down unless there is a close above the $2.30 resistance zone.

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XRP Price Dips Further

XRP price failed to continue higher above the $2.350 resistance zone and started a fresh decline, like Bitcoin and Ethereum. There was a move below the $2.25 and $2.20 support levels.

The price even dipped below the $2.120 support to enter a bearish zone. A low was formed at $2.0220 and the price is now struggling to stay above $2.0.

 The price is showing many bearish signs below the 23.6% Fib retracement level of the downward move from the $2.363 swing high to the $2.022 low.

The price is now trading below $2.10 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $2.120 level. The first major resistance is near the $2.20 level or the 50% Fib retracement level of the downward move from the $2.363 swing high to the $2.022 low.

There is also a key bearish trend line forming with resistance at $2.20 on the hourly chart of the XRP/USD pair. The next resistance is $2.30. A clear move above the $2.30 resistance might send the price toward the $2.350 resistance. Any more gains might send the price toward the $2.420 resistance or even $2.450 in the near term. The next major hurdle for the bulls might be $2.50.

More Losses?

If XRP fails to clear the $2.20 resistance zone, it could start another decline. Initial support on the downside is near the $2.020 level. The next major support is near the $2.00 level.

If there is a downside break and a close below the $2.00 level, the price might continue to decline toward the $1.9650 support. The next major support sits near the $1.880 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 – $2.020 and $2.00.

Major Resistance Levels – $2.20 and $2.30.