XRP has recently begun a downward trend, pulling back from a peak around $2.38. Currently, it is in a consolidation phase, facing challenges in moving above the key resistance level at $2.30.
The XRP price struggled to overcome the $2.40 resistance, leading to a decline that pushed it below the $2.30 mark as well as the 100-hourly Simple Moving Average. A bearish trend line is now forming, indicating resistance around $2.25 on the hourly chart. Continued downward momentum is possible if the price remains under the $2.30 resistance level.
After experiencing some upward movement from the $2.00 support level, XRP encountered resistance as it approached $2.38 and $2.40, eventually resulting in a significant decline. The price fell through the $2.30 and $2.25 levels, and it has now dipped below the 50% Fibonacci retracement level drawn from its last major swing low to its recent high. Resistance points ahead for XRP include the $2.20 level and a more significant barrier at $2.25. Should it manage to break above the $2.30 level, the next potential resistance could lead the price towards $2.40 and possibly even up to $2.50 in the near future, with a longer-term target around $2.620.
Conversely, if XRP is unable to surpass the $2.25 barrier, a further decline could be imminent. The immediate support area lies near $2.12, coinciding with the 61.8% Fibonacci retracement level. If the price falls below $2.050, this may trigger a deeper descent toward the support level of $2.00 and potentially down to $1.880 afterward.
On a technical note, the Moving Average Convergence Divergence (MACD) indicates increasing bearish momentum, and the Relative Strength Index (RSI) for XRP is positioned below the neutral threshold of 50, suggesting ongoing bearish pressure.
