XRP Price Falls Below $2.30 Amid Ongoing Bearish Momentum

XRP Price Analysis

XRP price has declined below $2.50, showing bearish momentum.
Currently trading below $2.420 and the 100-hourly Simple Moving Average.
A bearish trend line is forming with resistance at $2.550 on the hourly XRP/USD chart.
Potential recovery is possible if the price remains above $2.30.

The price fell below significant support levels at $2.50 and $2.420, reaching a low of $2.260. A minor correction was seen, moving above the 23.6% Fibonacci retracement level from $2.552 to $2.260.

Resistance points include:

$2.40, coinciding with the 50% Fibonacci retracement level.
$2.480, which could lead to testing $2.550 if breached.
A move above $2.550 could drive the price towards $2.60 and potentially $2.650.

If unable to surpass $2.50 resistance, further decline may occur, with initial support at $2.320 and major support at $2.30. A break below $2.30 could extend losses to $2.250 or $2.220.

Technical Indicators

MACD for XRP/USD is slowing in the bearish zone.
RSI for XRP/USD is below 50, indicating bearish conditions.
Key Support Levels: $2.320 and $2.250
Key Resistance Levels: $2.50 and $2.550