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XRP Price Loses Most Gains, Next Support Now in the Crosshairs

XRP worth prolonged losses and traded beneath $2.10. The worth is now consolidating and may decline additional if it trades beneath $2.020.

  • XRP worth began a contemporary decline beneath the $2.120 zone.
  • The worth is now buying and selling beneath $2.10 and the 100-hourly Simple Moving Average.
  • There is a key bearish pattern line forming with resistance at $2.0850 on the hourly chart of the XRP/USD pair (knowledge supply from Kraken).
  • The pair may proceed to maneuver down if it stays beneath $2.10.

XRP Price Dips Again

XRP worth failed to remain above $2.150 and began a contemporary decline, like Bitcoin and Ethereum. The worth declined beneath $2.120 and $2.10 to enter a short-term bearish zone.

The worth even spiked beneath $2.080. A low was fashioned at $2.052, and the worth is now consolidating losses. There was an try to clear $2.080 and the 23.6% Fib retracement stage of the downward transfer from the $2.193 swing high to the $2.052 low, however the bears remained lively. There can also be a key bearish pattern line forming with resistance at $2.0850 on the hourly chart of the XRP/USD pair.

The worth is now buying and selling beneath $2.10 and the 100-hourly Simple Moving Average. If there’s a contemporary upward transfer, the worth may face resistance close to the $2.0850 stage and the pattern line. The first main resistance is close to the $2.120 stage. It is near 50% Fib retracement stage of the downward transfer from the $2.193 swing high to the $2.052 low.

An in depth above $2.120 may ship the worth to $2.1395. The subsequent hurdle sits at $2.20. A transparent transfer above the $2.20 resistance may ship the worth towards the $2.250 resistance. Any extra good points may ship the worth towards the $2.320 resistance. The subsequent main hurdle for the bulls may be close to $2.350.

More Losses?

If XRP fails to clear the $2.120 resistance zone, it may begin a contemporary decline. Initial assist on the draw back is close to the $2.050 stage. The subsequent main assist is close to the $2.020 stage.

If there’s a draw back break and an in depth beneath the $2.020 stage, the worth may proceed to say no towards $1.950. The subsequent main assist sits close to the $1.920 zone, beneath which the worth may proceed decrease towards $1.880.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now gaining tempo in the bearish zone.

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

Major Support Levels – $2.050 and $2.020.

Major Resistance Levels – $2.0850 and $2.120.

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