XRP Price Declines Over 5% Below $2.20 Resistance Level

XRP price declined over 5% after failing to surpass $2.35, currently showing bearish signals below $2.20.

XRP price started a decline below the $2.250 support level.
The price is trading below $2.25 and the 100-hourly Simple Moving Average.
A break occurred below a key declining channel with support at $2.235 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair may initiate an increase if it remains above the $2.120 support.

XRP Price Dips Again

XRP price could not clear the $2.35 resistance and began a fresh decline, similar to Bitcoin and Ethereum. The price moved sharply below the $2.30 and $2.50 support levels.

A break below a key declining channel with support at $2.235 occurred, leading to a decline exceeding 5%, testing the $2.120 zone where a low was formed at $2.126. Currently, the price is consolidating losses.

After correcting some losses, XRP climbed above $2.15, testing the 23.6% Fib retracement level of the recent decline from $2.348 to $2.126. It is now trading below $2.25 and the 100-hourly Simple Moving Average.

Resistance lies near the $2.18 level, with initial major resistance at $2.20. The next resistance is at $2.24, aligning with the 50% Fib retracement level of the recent decline. A clear move above $2.24 may push the price towards $2.30.

Further gains could lead to resistance around $2.320 or even $2.350 in the near term, with a significant hurdle for bulls at $2.450.

More Losses?

If XRP does not clear the $2.24 resistance zone, another decline may occur. Initial downside support is near $2.12, followed by major support at $2.10.

A downside breach and close below $2.10 could result in a continued decline toward $2.050, with the next major support near the $2.00 zone.

Technical Indicators:

Hourly MACD – Gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – Below the 50 level.
Major Support Levels – $2.120 and $2.100.
Major Resistance Levels – $2.180 and $2.240.