XRP Price Struggle Continues
XRP failed to recover above $2.60 and trimmed all gains. It is now testing crucial support at $2.00 and remains at risk of more losses.
After forming a base above the $2.00 level, XRP price started a recovery wave. There was a move above the $2.20 and $2.350 resistance levels. The bulls even pushed the price above the $2.60 resistance, but the price failed to stay above the 50-day simple moving average (blue).
A high was formed at $2.5950 and the price started a fresh decline. It trimmed all gains and traded below the $2.20 support level, like Bitcoin and Ethereum.
XRP price is now showing many bearish signs below the $2.20 pivot level and is currently well below the 50-day simple moving average (blue). More importantly, the price is now trading near the key support at $1.980-$2.00.
The price traded as low as $1.9854 and is currently consolidating losses. The current price action is slightly negative and it seems like the bulls are struggling to protect the $2.00 support. If they attempt another increase, they could face resistance near the $2.120 level or the 23.6% Fib retracement level of the downward move from the $2.5950 swing high to the $1.9854 low.
The first major resistance is now forming near the $2.20 level. The next resistance is near the $2.30 level and a connecting bearish trend line on the daily chart. It is close to the 50% Fib retracement level of the downward move from the $2.5950 swing high to the $1.9854 low.
The main hurdle is now forming near the $2.350 level and the 50-day simple moving average (blue). A close above the 50-day simple moving average (blue) could send the price toward the $2.60 resistance.
There is also a key bearish trend line forming with resistance at $2.60 on the same chart. A close above the $2.60 level might decrease the bearish pressure and send the price toward the $3.00 resistance. It coincides with the 1.618 Fib extension level of the downward move from the $2.5950 swing high to the $1.9854 low.
More Losses?
Conversely, XRP price might struggle to recover above the $2.30 resistance and start another decline. Immediate support is near the $2.00 level, below which the price might gain bearish momentum.
The first major support sits near the $1.90 level. The next major support is near the $1.840 level. A daily close below the $1.840 level could spark another major decline. In the stated case, the bears might aim for a move toward the $1.60 support. The next target for the bears could be $1.50.
Overall, XRP price is consolidating near the key support at $2.00. To start a fresh increase, it must settle above $2.30 and then $2.350. If not, the bears could aim for a drop toward the $1.840 level.