XRP ’s recent price movement has demonstrated a notable decline after struggling to maintain traction above the $2.35 resistance level. Currently, XRP is trading down over 5% and shows bearish signals as it hovers below the $2.20 level. The situation worsened when the price dipped below the critical $2.250 support level, and now it is positioned under both this support and the 100-hourly Simple Moving Average.
The downward trend was characterized by a significant breach of a declining channel with support at $2.235, which was clearly illustrated on the hourly chart for the XRP /USD trading pair. Following this, XRP tested the $2.120 level, forming a low at $2.126 before engaging in a consolidation phase. Although it managed to recover some losses initially and climbed above $2.15, it remains below the $2.25 threshold.
In the near future, XRP may encounter resistance near the $2.18 level, with additional significant resistance located at $2.20. A critical hurdle is yet to be seen at the $2.24 level, representing a 50% Fibonacci retracement of the recent decline from the swing high of $2.348 down to the low of $2.126. A decisive break above the $2.24 resistance could potentially drive the price up towards the $2.30 resistance level.
However, if the price fails to overcome the $2.24 resistance, the possibility of another downturn increases significantly. Immediate support is at the $2.12 level, with the next significant support set around $2.10. If XRP breaks below this level, it may continue to decline towards the $2.050 level, followed by a critical support level near $2.00.
Technical indicators currently reflect a bearish trend, with the Momentum and Relative Strength Index indicating increasing pressure in the downward direction, suggesting that XRP may continue to face challenges in the coming period.
