XRP declined to weekly lows Thursday after failing to maintain momentum above $1.90, following a familiar pattern that has emerged in recent trading sessions. The cryptocurrency dropped below $1.80 and now faces resistance at multiple technical levels, with analysts watching key support zones for signs of further weakness.
What Happened: Technical Breakdown
XRP fell below $1.85 and the 100-hourly Simple Moving Average after an attempted recovery above $1.90 stalled. The cryptocurrency reached a low of $1.7707, breaking through the $1.82 support level.
A bearish trend line has formed with resistance at $1.92 on the hourly chart of the XRP/USD pair. The price now trades below the 23.6% Fibonacci retracement level of the downward move from the $1.9331 swing high to the $1.7707 low.
If XRP attempts a recovery, initial resistance appears near $1.81. The first major barrier sits at $1.852, representing the 50% Fibonacci retracement level of the recent decline.
A close above $1.852 could push the price toward $1.88, with the next hurdle at $1.92 and the trend line.
Breaking above $1.92 might open a path toward $1.965, with further resistance at $2.00 and $2.05.
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Why It Matters: Support Levels
Failure to clear the $1.852 resistance zone could trigger additional declines. Initial support on the downside sits near $1.78, with major support at $1.762.
A break below $1.762 might push the price toward $1.72. The next major support level sits at $1.70, below which XRP could decline toward $1.68.
The MACD for XRP/USD is gaining pace in the bearish zone, while the Relative Strength Index has dropped below 50, indicating weakening momentum.
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