XRP Price Drops Below $2.20 Amid Bearish Market Trends
The price of XRP is experiencing a decline from $2.250 and currently shows bearish signs.
- XRP's price declined below the $2.250 zone and is trading under $2.20 and the 100-hourly Simple Moving Average.
- A bearish trend line with resistance at $2.220 is forming on the hourly chart.
- The price could drop further if it falls below $2.120.
XRP Price Analysis
XRP attempted a recovery above $2.30 but began decreasing again, similar to trends observed in Bitcoin and Ethereum. It moved below critical support levels of $2.250 and $2.20, reaching a low at $2.105.
The price is consolidating losses below the 23.6% Fib retracement level, and resistance is expected near $2.20 and $2.220. A close above this trend line may push the price to $2.28, with further resistance levels at $2.320, $2.40, $2.450, and potentially $2.50.
Potential Further Decline
If XRP does not surpass the $2.220 resistance, it risks another decline. Immediate support lies near $2.120, with subsequent support at $2.10. A break below $2.10 could lead to a decrease toward $2.050 and possibly $1.880.
Technical Indicators
- Hourly MACD: Gaining momentum in the bearish zone.
- Hourly RSI: Below 50, indicating bearish momentum.
- Support Levels: $2.120, $2.050.
- Resistance Levels: $2.20, $2.220.