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XRP Price Suffers Sharp 5% Drop—Is More Pain Ahead?

XRP worth began a contemporary decline under $1.950. The worth is now struggling and faces resistance close to the $1.920 resistance stage.

  • XRP worth began a contemporary decline under the $1.950 zone.
  • The worth is now buying and selling under $1.90 and the 100-hourly Simple Moving Average.
  • There is a bearish development line forming with resistance at $1.980 on the hourly chart of the XRP/USD pair (knowledge supply from Kraken).
  • The pair may proceed to maneuver down if it settles under $1.850.

XRP Price Dips Again

XRP worth tried a restoration wave above $2.020 however didn’t proceed greater, like Bitcoin and Ethereum. The worth began a contemporary decline under $2.00 and $1.950.

There was a transfer under the $1.920 assist stage. A low was shaped at $1.8550, and the worth is now displaying bearish indicators under the 23.6% Fib retracement stage of the downward transfer from the $2.047 swing high to the $1.8550 low.

The worth is now buying and selling under $1.90 and the 100-hourly Simple Moving Average. There can be a bearish development line forming with resistance at $1.980 on the hourly chart of the XRP/USD pair.

If there’s a contemporary upward transfer, the worth may face resistance close to the $1.90 stage. The first main resistance is close to the $1.920 stage. An in depth above $1.920 may ship the worth to $1.950 or the 50% Fib retracement stage of the downward transfer from the $2.047 swing high to the $1.8550 low.

The subsequent hurdle sits at $1.980 and the development line. A transparent transfer above the $1.980 resistance may ship the worth towards the $2.050 resistance. Any extra good points may ship the worth towards the $2.120 resistance. The subsequent main hurdle for the bulls is perhaps close to $2.150.

More Losses?

If XRP fails to clear the $1.90 resistance zone, it may begin a contemporary decline. Initial assist on the draw back is close to the $1.8550 stage. The subsequent main assist is close to the $1.820 stage.

If there’s a draw back break and a detailed under the $1.820 stage, the worth may proceed to say no towards $1.7650. The subsequent main assist sits close to the $1.7320 zone, under which the worth may proceed decrease towards $1.7050.

Technical Indicators

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

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

Major Support Levels – $1.850 and $1.820.

Major Resistance Levels – $1.950 and $1.980.

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