XRP Price Declines Below $2.650 Resistance, Consolidates Near $2.40

XRP price is declining after falling below the $2.650 resistance.

Current trading above $2.40 and the 100-hourly Simple Moving Average.
A short-term rising channel is forming with support at $2.40.
The price may continue to decline if it stays below the $2.550 resistance.

XRP Price Dynamics

XRP has dropped from the $3.00 resistance, falling below both the $2.80 and $2.60 levels. Bears pushed the price under the 50% Fib retracement of the move from $1.95 to $3.00. A base is forming around the $2.20 support, with attempts to recover above $2.30.

Price is currently above $2.40. Resistance levels are:

$2.550
$2.650
$2.750

A clear break above $2.750 could lead to movements towards $2.80, $2.880, or even $2.920. The next significant hurdle for bulls is $3.00.

Potential for Further Decline

If XRP does not surpass the $2.550 resistance, another decline might occur. Key support levels include:

$2.40
$2.320
$2.20
$2.120

A close below $2.320 could result in further declines toward these support zones.

Technical Indicators:

Hourly MACD indicates a loss of pace in bearish momentum.
RSI is above 50.