XRP Price Under Pressure—Can It Survive This Support Test?

Source: CryptoNewsNet Original Title: XRP Price Under Pressure—Can It Survive This Support Test? Original Link: XRP price attempted a recovery wave above $2.120 but failed to continue higher, like Bitcoin and Ethereum. The price started a fresh decline below $2.10 and $2.050.

There was a move below the $2.00 support level. A low was formed at $1.993, and the price is now consolidating losses below the 23.6% Fib retracement level of the downward move from the $2.177 swing high to the $1.993 low.

The price is now trading below $2.050 and the 100-hourly Simple Moving Average. If there is a fresh upward move, the price might face resistance near the $2.0350 level. The first major resistance is near the $2.050 level. There is also a bearish trend line forming with resistance at $2.050 on the hourly chart of the XRP/USD pair.

A close above $2.050 could send the price to $2.085 and the 50% Fib retracement level of the downward move from the $2.177 swing high to the $1.993 low. The next hurdle sits at $2.10. A clear move above the $2.10 resistance might send the price toward the $2.150 resistance. Any more gains might send the price toward the $2.1850 resistance. The next major hurdle for the bulls might be near $2.220.

More Losses?

If XRP fails to clear the $2.050 resistance zone, it could start a fresh decline. Initial support on the downside is near the $2.00 level. The next major support is near the $1.9850 level.

If there is a downside break and a close below the $1.9850 level, the price might continue to decline toward $1.920. The next major support sits near the $1.880 zone, below which the price could continue lower toward $1.820.

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: $2.00 and $1.9850.
• Major Resistance Levels: $2.050 and $2.10.