XRP's Price Plummets 20% After Failing to Break $3.00 Resistance

XRP's recent rally has come to an end, with the cryptocurrency's price surrendering its recent gains. The price of XRP started a fresh decline from the $3.00 resistance level, falling over 20% and potentially extending losses below the $2.20 support zone.

XRP price initially rallied above the $2.50 and $2.80 levels, but the bears soon appeared, pushing the price back down. The price failed to clear the $3.00 resistance and started a fresh decline, with a sharp move below the $2.80 and $2.60 levels. The price traded below the 50% Fib retracement level of the upward move from the $1.95 swing low to the $3.00 high, and there was also a break below a connecting bullish trend line with support at $2.40 on the hourly chart of the XRP/USD pair.

The price is now trading below $2.40 and the 100-hourly Simple Moving Average, finding bids just above the 76.4% Fib retracement level of the upward move from the $1.95 swing low to the $3.00 high. On the upside, the price might face resistance near the $2.35 level, with the first major resistance near the $2.40 level. The next resistance is $2.4750, and a clear move above this resistance might send the price toward the $2.620 resistance.

If XRP fails to clear the $2.40 resistance zone, it could start another decline. Initial support on the downside is near the $2.20 level, with the next major support near the $2.120 level. If there is a downside break and a close below the $2.120 level, the price might continue to decline toward the $2.050 support. The next major support sits near the $2.00 zone.

Technical indicators suggest a bearish trend for XRP. The hourly MACD is gaining pace in the bearish zone, and the hourly RSI is below the 50 level. The major support levels are $2.20 and $2.120, while the major resistance levels are $2.