XRP price struggled to clear the key hurdle at $2.20. It is now moving lower and might decline heavily if it breaks the $2.00 support.
XRP Price Faces Rejection
After a downside extension, XRP found support near the $1.60 zone. A low was formed at $1.6155 and the price started a recovery wave, like Bitcoin. There was a move above the $1.850 and $2.00 resistance levels.
The bulls pushed the price above the 50% Fib retracement level of the downward move from the $2.5950 swing high to the $1.6155 low. The price even spiked above the $2.20 resistance, but it failed to clear the 50-day simple moving average (blue).
XRP price is clearly struggling to clear the $2.20 resistance zone and the 50-day simple moving average (blue). It faced rejection near the 61.8% Fib retracement level of the downward move from the $2.5950 swing high to the $1.6155 low.
More importantly, there is a key bearish trend line forming with resistance at $2.20 on the daily chart. The price is now moving lower with a bearish angle below $2.120.
If the bulls attempt a fresh increase, they could face resistance near the $2.150 level. The first major resistance is now forming near the $2.20 level and the same trend line. The main resistance is still near the 50-day simple moving average (blue) at $2.22.
A convincing close above the trend line resistance and then $2.220 could set the pace for a bullish wave. The next resistance is near the $2.3650 level, above which the price could accelerate higher toward the $2.550 resistance.
Any more gains might open the doors for a move toward the 1.618 Fib extension level of the downward move from the $2.5950 swing high to the $1.6155 low at $3.20.
Downside Continuation?
Conversely, XRP price might struggle to recover above the $2.20 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 $1.920 level. The next major support is near the $1.850 level. A daily close below the $1.850 level could spark another major decline. In the stated case, the bears might aim for a move toward the $1.620 support. The next target for the bears could be $1.50.
Overall, XRP price is struggling to surpass $2.20 and $2.220. If the bulls fail to regain strength, there could be a move toward the $1.850 support in the coming days.