XRP Drops 7% From Recent Highs, Consolidates Near $2.150

XRP price has experienced a correction from its recent highs around the $2.30 zone, currently consolidating near the $2.150 support level. This consolidation follows a notable upward wave that saw the price surpass key resistance levels at $2.120 and $2.150, mirroring similar movements in Bitcoin and Ethereum. The price peaked at $2.299 before initiating a downward correction, dipping below $2.20 and $2.180 support levels. A subsequent low was established at $2.120, from which the price began another upward trajectory, clearing the 50% Fibonacci retracement level of the downward move from $2.299 to $2.120.

However, bears have been active near the $2.2350 level and the 61.8% Fibonacci retracement level of the same downward move. A key bearish trend line is forming with resistance at $2.20 on the hourly chart of the XRP/USD pair. The price is currently trading above $2.150 and the 100-hourly Simple Moving Average. On the upside, the price may encounter resistance near the $2.20 level and the trend line, with the first major resistance at $2.2350. Further resistance levels are identified at $2.30, $2.350, and $2.450, with a potential move toward $2.50 in the near term. The next major hurdle for bulls is at $2.620.

If XRP fails to clear the $2.20 resistance zone, it could initiate another decline. Initial support on the downside is near the $2.1620 level, with the next major support at $2.150. A downside break and close below $2.150 could see the price continue to decline toward the $2.120 support, with the next major support at $2.0650. Technical indicators show that the MACD for XRP/USD is losing pace in the bullish zone, while the RSI is below the 50 level. Major support levels are identified at $2.1650 and $2.150, with major resistance levels at $2.200 and $2.2350.