XRP Drops 10% As Price Tests $1.750 Level

XRP price has recently experienced a decline, falling from the $1.950 zone to test the $1.750 level. The price is currently consolidating losses and facing resistance near the $1.90 level. The decline began as XRP price failed to remain above the $2.00 level, similar to the movements seen in Bitcoin and Ethereum. The price dropped below the $1.880 and $1.850 support levels, with a low formed at $1.610 before correcting some losses.

Despite a move above the $1.820 and $1.850 levels, bears were active near the $1.950 resistance and the 61.8% Fib retracement level of the downward move from the $2.168 swing high to the $1.610 low. A connecting bearish trend line is forming with resistance at $1.90 on the hourly chart of the XRP/USD pair. The price is now trading below $1.850 and the 100-hourly Simple Moving Average, with resistance levels at $1.850 and $1.880.

If XRP fails to clear the $1.90 resistance zone, it could start another decline. Initial support on the downside is near the $1.750 level, with the next major support near the $1.70 level. A downside break and close below the $1.70 level could see the price continue to decline toward the $1.650 support, with the next major support sitting near the $1.60 zone.

Technical indicators show that the MACD for XRP/USD is gaining pace in the bearish zone, while the RSI for XRP/USD is below the 50 level. Major support levels are at $1.750 and $1.70, with major resistance levels at $1.850 and $1.90. If XRP can clear the $1.90 resistance, it could send the price toward the $2.00 resistance, with further gains potentially reaching $2.050 or even $2.0650 in the near term. The next major hurdle for the bulls would be $2.120.