XRP Price Plummets Below Key Support Levels, Bearish Trend Intensifies

XRP price has been volatile in recent days, with a significant decline below the $2.250 and $2.20 support levels. The price is currently consolidating losses and remains at risk of further declines. Key resistance levels include $2.20 and $2.30, while major support levels are at $2.020 and $2.00.

XRP price failed to continue its upward momentum above the $2.350 resistance zone and instead started a fresh decline, similar to Bitcoin and Ethereum. The price moved below the $2.25 and $2.20 support levels, even dipping below the $2.120 support to enter a bearish zone. A low was formed at $2.0220, and the price is now struggling to stay above $2.0. The price is showing many bearish signs below the 23.6% Fib retracement level of the downward move from the $2.363 swing high to the $2.022 low.

There is a key bearish trend line forming with resistance at $2.20 on the hourly chart of the XRP/USD pair. The next resistance is $2.30. A clear move above the $2.30 resistance might send the price toward the $2.350 resistance. Any more gains might send the price toward the $2.420 resistance or even $2.450 in the near term. The next major hurdle for the bulls might be $2.50.

If XRP fails to clear the $2.20 resistance zone, it could start another decline. Initial support on the downside is near the $2.020 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 $1.9650 support. The next major support sits near the $1.880 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. These indicators suggest that the price may continue to decline in the near term.