XRP has experienced a notable decline, failing to maintain momentum above the $2.40 level. The cryptocurrency’s price has dropped more than 10%, indicating a potential further decline toward the $2.00 support level.
After peaking at the $2.50 resistance mark, XRP ’s value began a downward correction. Currently, the price is trading below $2.30, additionally falling below the 100-hourly Simple Moving Average. A bearish trend line is forming, with resistance evident at $2.26 on the hourly chart of the XRP /USD pair. Should XRP manage to surpass the $2.32 resistance, it could initiate another upward movement.
The latest downturn for XRP was initiated when it couldn’t break above the $2.50 barrier, leading to a drop below the $2.35 level. This mirrors the performance of other major cryptocurrencies like Bitcoin and Ethereum . XRP slipped below the $2.30 and $2.25 levels, reaching a low of $1.989 before correcting some of these losses. A temporary recovery above $2.20 was noted, helped by moving past the 23.6% Fibonacci retracement level of the drop from the high of $2.64 to the low of $1.98.
At present, XRP faces resistance around the $2.20 level, with further resistance being established near $2.250. The presence of a bearish trend line at $2.26 is an additional hurdle, with a critical threshold at $2.30, which aligns with the 50% Fibonacci retracement level of the previous decline. If a clear breakout above $2.30 occurs, the next target could be around $2.350, potentially reaching the $2.40 area or even $2.420 soon after.
Conversely, if XRP does not surpass the $2.250 resistance, it risks initiating a fresh decline. The immediate support is located around $2.050, followed by a significant support level at $2.00. A decisive break and close below $2.00 may lead to a further decline towards the $1.880 support, with subsequent major support residing near the $1.750 level.
Technical indicators suggest increasing bearish momentum, with the MACD reflecting a strengthening bearish trend and the RSI positioned below the neutral 50 level. Key support levels are identified at $2.0500 and $2.0000, with resistance levels at $2.2500 and $2.3000.
