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Jakarta, Pintu News – In recent trading, the price of Ripple (XRP) experienced a sharp decline, moving below $1.950. Currently, the price is consolidating and there is a possibility that it will continue to decline if it remains below $2.00.
Ripple (XRP) failed to maintain its position above $2,050 and followed in the footsteps of Bitcoin (BTC) and Ethereum (ETH) declines. The price of Ripple (XRP) dropped below $2.00 and $1.950, entering a short-term bearish zone. In fact, the price briefly touched below $1.880 with the lowest point at $1.8681, and is currently in a consolidation phase of losses.
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After bottoming out, Ripple (XRP) tried to recover by breaking above $1.90. However, the recovery attempt faced a hurdle at the 23.6% Fibonacci retracement level of the last drop from $2.028 to $1.8681. Currently, Ripple (XRP) is trading below $1.920 and the 100-hour simple moving average, suggesting that the bearish pressure is still strong.
In case of an upside, Ripple (XRP) may face resistance near $1,950 and the 50% Fibonacci retracement level of the same drop. The first major resistance is near $2.00, followed by the trend line. A close above $2.00 could push the price towards $2.050 and higher to $2.10.
If Ripple (XRP) is unable to break the $1.95 resistance zone, the price may drop again. Initial support lies near $1,880, followed by major support at $1,850. If the price breaks below $1.850, the decline could continue towards $1.820 and may even reach the $1.80 zone. A further drop below $1.80 could take the price of Ripple (XRP) towards $1.7650. The hourly MACD indicator shows acceleration within the bearish zone, and the hourly RSI (Relative Strength Index) is below the 50 level, confirming the bearish dominance in the current trend.
With the current market conditions, investors and traders should be wary of the potential for further declines. Close scrutiny of resistance and support levels will be important to navigate this volatile market. A rise above $2.00 might provide some relief, but the current bearish trend requires a cautious approach.
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*Disclaimer
This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities are subject to high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying andselling Bitcoin and other crypto asset investments are the responsibility of the reader.
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