XRP price struggled to maintain its position above $1.950 and initiated a new downward trend, similar to Bitcoin and Ethereum. The price dipped beneath $1.920 and $1.90, signaling a move into a short-term bearish territory. The price even dipped below $1.850. A low was established at $1.810, and the price is currently consolidating its losses. A recovery wave emerged, pushing prices above $1.850. The price surpassed the 23.6% Fibonacci retracement level of the decline from the $1.963 swing high to the $1.810 low, yet the bears continued to exert their influence.
The price is currently trading under $1.90 and below the 100-hourly Simple Moving Average. If a new upward trend emerges, the price could encounter resistance around the $1.8850 mark and the 50% Fibonacci retracement level of the decline from the $1.963 swing high to the $1.810 low. A significant bearish trend line is taking shape, presenting resistance at $1.885 on the hourly chart for the XRP/USD pair. The initial significant resistance stands around the $1.90 mark. A close above $1.90 might propel the price to $1.950.
The upcoming obstacle stands at $2.00. A decisive breakthrough past the $2.00 resistance could propel the price towards the $2.050 resistance level. Further gains could propel the price towards the $2.120 resistance level. The upcoming significant challenge for the bulls could be around $2.20. If XRP is unable to break through the $1.90 resistance zone, it may initiate a new downward trend. Initial support on the downside is positioned around the $1.840 mark. The next significant support level is around $1.820.
A downside break and a close below the $1.820 level could signal a continued decline in price, potentially reaching $1.780. The next significant support level is positioned around the $1.750 mark, and a drop below this threshold could see the price decline further toward $1.70.