XRP Price at Risk of Further Decline Below $2.00 Amid Bearish Pressure

XRP has picked up its bearish trend, dropping below the crucial $2.120 level. After momentarily falling below $2.050, the cryptocurrency is currently stabilizing above $2.00 but still under bearish pressure.

After a failed bid to hold gains above $2.20, XRP dropped below crucial support levels of $2.150 and $2.120, reflecting the bearish momentum of Bitcoin and Ethereum. It dipped to a low of $2.036 before trying to stage a small rebound.

XRP is currently trading below the $2.10 level and is still below the 100-hourly Simple Moving Average. There is also a strong bearish trend line being established on the hourly chart, which is acting as resistance in the $2.10 area.

Resistance Levels to Watch

The first resistance is at $2.10, which is along the bearish trend line. There is a stronger hurdle at $2.128, close to the 61.8% Fibonacci retracement of the recent fall from the $2.184 swing top to the $2.036 low. A successful move above $2.185 may propel XRP to the $2.25 and even $2.32–$2.35 levels. Further strength may target the $2.50 area.

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Downside Risks

If XRP does not break above $2.10, selling pressure could become more intense. The immediate support is at $2.04, with strong support at the psychological $2.00 level. A close below this level could lead to a further fall to $1.92, and then to $1.84.

Technical Indicators

• MACD (Hourly): Momentum is increasing in the bearish region.
• RSI (Hourly): The Relative Strength Index is less than 50, indicating declining buyer strength.
• Support Levels: $2.040 and $2.00
• Resistance Levels: $2.10 and $2.185