XRP News Today: XRP Drops 10% Below $2.270 as Bearish Trend Intensifies

XRP price has experienced a fresh decline, falling below the $2.280 zone. Currently, the price is trading below $2.270 and the 100-hourly Simple Moving Average. A key bearish trend line is forming with resistance at $2.270 on the hourly chart of the XRP/USD pair. If the price fails to clear the $2.2440 level, it might start another decline.

XRP price has failed to clear the $0.3550 resistance and has started a fresh decline, similar to Bitcoin and Ethereum. The price has moved below the $0.3000 and $0.280 support levels, even dipping below the $0.220 support level. A low was formed at $0.2132, and the price is now consolidating losses. There was a minor move above the $0.220 level, clearing the 23.6% Fib retracement level of the downward wave from the $2.3540 swing high to the $2.2132 low.

The price is now trading below $2.30 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $2.2440 level, which is near the 50% Fib retracement level of the downward wave from the $2.3540 swing high to the $2.2132 low. The first major resistance is near the $2.270 level, with a key bearish trend line forming with resistance at $2.270 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 $2.320 resistance. Any more gains might send the price toward the $2.350 resistance or even $2.3650 in the near term. The next major hurdle for the bulls might be $2.420.

If XRP fails to clear the $2.270 resistance zone, it could start another decline. Initial support on the downside is near the $2.180 level. The next major support is near the $2.160 level. If there is a downside break and a close below the $2.160 level, the price might continue to decline toward the $2.120 support. The next major support sits near the $2.080 zone.

Technical indicators show that the MACD for XRP/USD is now gaining pace in the bearish zone, while the RSI for XRP/USD is now below the 50 level. Major support levels are at $2.180 and $2.160, while major resistance levels are at $2.2440 and $2.270.