XRP Drops 10% From $2.250 Resistance, Faces $2.120 Hurdle

XRP's price has recently experienced a downward correction from the $2.250 resistance zone, mirroring the movements of Bitcoin and Ethereum. The price has dipped below the $2.150 and $2.120 levels, entering a bearish zone. Despite a brief spike below $2.050, the price managed to stay above the $2.00 mark, forming a low at $2.036. Currently, the price is consolidating losses and has shown a recovery wave above the $2.10 level.

The price is now trading below $2.10 and the 100-hourly Simple Moving Average. On the upside, the price faces resistance near the $2.120 level. There is also a key bearish trend line forming with resistance at $2.130 on the hourly chart of the XRP/USD pair. The trend line is near the 61.8% Fib retracement level of the downward move from the $2.184 swing high to the $2.036 low. The first major resistance is near the $2.180 level, followed by $2.20. A clear move above the $2.20 resistance might send the price toward the $2.250 resistance. Any further gains might push the price toward the $2.320 resistance or even $2.350 in the near term. The next major hurdle for the bulls might be $2.50.

If XRP fails to clear the $2.120 resistance zone, it could start another decline. Initial support on the downside is near the $2.030 level. The next major support is near the $2.00 level. If there is a downside break and a close below the $2.00 level, the price might continue to decline toward the $1.920 support. The next major support sits near the $1.840 zone.

Technical indicators show that the MACD for XRP/USD is now losing pace in the bearish zone, while the RSI for XRP/USD is now below the 50 level. Major support levels are at $2.030 and $2.00, while major resistance levels are at $2.120 and $2.180.

According to the analyst's forecast, if XRP fails to clear the $2.120 resistance zone, it could start another decline. Initial support on the downside is near the $2.030 level. The next major support is near the $2.00 level. If there is a downside break and a close below the $2.00 level, the price might continue to decline toward the $1.920 support. The next major support sits near the $1.840 zone.