XRP Drops 9% to $1.610, Faces Resistance at $2.00

XRP price has experienced a fresh decline, falling below the $1.750 zone and testing the $1.60 level. The cryptocurrency is now attempting to recover from these losses but faces significant resistance near the $2.00 mark. The price has struggled to settle above this level, mirroring the declines seen in other major cryptocurrencies like Bitcoin and Ethereum.

XRP's price has dropped below key support levels at $1.950 and $1.80, with a low point reached at $1.610. Despite this, the price has shown some recovery, moving above the $1.80 and $1.850 levels. However, it remains below the $1.950 mark and the 100-hourly Simple Moving Average. A bearish trend line is forming with resistance at $1.935 on the hourly chart of the XRP/USD pair, indicating further challenges for the price to overcome.

The first major resistance for XRP is at the $2.00 level, with additional resistance points at $2.050 and $2.120. If the price can surpass these levels, it may continue to rise towards $2.150 or even $2.1650 in the near term. However, the next major hurdle for bulls is at $2.20.

If XRP fails to clear the $1.950 resistance zone, it could start another decline. Initial support on the downside is near the $1.850 level, with the next major support at $1.80. A break and close below $1.80 could see the price continue to decline towards the $1.740 support, with the next major support sitting near the $1.650 zone.

Technical indicators suggest that the MACD for XRP/USD is gaining pace in the bullish zone, while the RSI is above the 50 level. However, the price remains below the 100-hourly Simple Moving Average, indicating that the path to recovery is not straightforward. The major support levels are at $1.850 and $1.80, while the major resistance levels are at $1.950 and $2.00.