XRP Price Declines Below $2.30 Amid Bearish Trend
XRP is experiencing a downward trend, starting its decline from $2.350.
- The price dropped below $2.320 and is now under $2.30 and the 100-hourly SMA.
- A short-term bearish trend line has formed with resistance at $2.2550 on the hourly XRP/USD chart.
- The pair may continue falling if it breaks below $2.150.
Current Market Status
XRP attempted recovery above $2.320 but failed, initiating another decline beneath $2.30 and $2.250. The price reached a low of $2.155 and is now consolidating with a bearish outlook. Resistance is near $2.2550, coinciding with a bearish trend line.
A significant resistance lies at $2.30, beyond which prices might test $2.350 or the 50% Fib retracement level. Breaking past $2.350 could lead to further gains toward $2.440 and possibly $2.50, with a major hurdle around $2.550.
Potential Downtrend
If XRP fails to surpass the $2.350 resistance, a new decline could ensue. Initial support is at $2.20, followed by $2.150. A break below $2.150 could push the price down to $2.050, with further support near $2.020 and potentially $1.880.
- Hourly MACD indicates growing momentum in the bearish zone.
- Hourly RSI is below 50, suggesting weakness.
- Key Support Levels: $2.20 and $2.150
- Key Resistance Levels: $2.30 and $2.350