XRP Price Consolidates Near $2.20 After Declining Below $2.50

XRP price has initiated a correction below the $2.50 support level, currently consolidating around $2.20 with potential for an upward movement above $2.45.

XRP price declined, trading below the $2.40 mark.
The price remains under $2.50 and the 100-hourly Simple Moving Average.
A bearish trend line is forming with resistance at $2.50 on the hourly chart (data source from Kraken).
Clearing the $2.50 resistance may trigger another increase.

XRP Price Revisits Key Support At $2.20

XRP attempted to breach the $2.70 resistance but failed, leading to a decline below $2.50 and $2.40 levels. A low was recorded at $2.166, followed by a recovery above $2.20 and $2.25, supported by a bounce above the 23.6% Fib retracement level from the recent decline.

The current trading position is below $2.50 and the 100-hourly Simple Moving Average. Resistance is anticipated near $2.40, while the first major resistance is close to $2.50, coinciding with the 50% Fib retracement level of the recent drop.

A key bearish trend line is also noted with resistance at $2.50. The next significant resistance could be at $2.550; surpassing this may push the price towards $2.650 and potentially $2.70 or even $2.850. The bulls face a major hurdle at $3.00.

More Downsides?

If XRP fails to overcome the $2.500 resistance, a decline may ensue. Initial support is near $2.250, followed by major support at $2.20.

A break and close below $2.20 could lead to further declines towards the $2.050 support and the trend line, with the next major support around $2.00.

Technical Indicators:

Hourly MACD: Losing momentum in the bullish zone.
Hourly RSI: Below the 50 level.
Major Support Levels: $2.2000 and $2.0500.
Major Resistance Levels: $2.4000 and $2.5000.