XRP's Wild Ride: Price Drops Below $2.25, Recovers at $2.05

XRP price has been on a rollercoaster ride recently, with a fresh decline below the $2.50 and $2.250 support levels. However, the price has since recovered from the $2.050 support zone. The hourly chart of the XRP/USD pair shows a key bearish trend line with resistance at $2.450. The pair may continue to move down unless there is a close above the $2.450 resistance zone.

XRP price attempted a recovery after failing to continue higher above the $2.620 resistance zone. The price moved below the $2.55 and $2.50 support levels, even dipping below the $2.20 support to enter a bearish zone. A low was formed at $2.0639, and the price is now attempting to recover. There was a move above the 23.6% Fib retracement level of the downward wave from the $2.604 swing high to the $2.206 low.

The price is now trading below $2.40 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $2.3320 level. The first major resistance is near the $2.40 level or the 61.8% Fib retracement level of the downward wave from the $2.604 swing high to the $2.206 low. The next resistance is $2.450, with a clear move above this level potentially sending the price toward the $2.50 resistance. Any more gains might send the price toward the $2.550 resistance or even $2.5650 in the near term. The next major hurdle for the bulls might be $2.620.

If XRP fails to clear the $2.450 resistance zone, it could start another decline. Initial support on the downside is near the $2.2320 level. The next major support is near the $2.20 level. If there is a downside break and a close below the $2.20 level, the price might continue to decline toward the $2.120 support. The next major support sits near the $2.050 zone