XRP News Today: XRP Drops 10% From $2.650 High, Faces Resistance At $2.420

XRP price has recently experienced a downward correction, falling below the $2.50 zone. This decline has led to a consolidation phase, with the price potentially finding support near the $2.350 level. The price is currently trading below $2.50 and the 100-hourly Simple Moving Average, indicating a bearish trend. A key bearish trend line is forming with resistance at $2.420 on the hourly chart of the XRP/USD pair, suggesting that the price might face resistance at this level.

The price of XRP started a downside correction from the $2.650 zone, similar to the movements seen in Bitcoin and Ethereum. The price dipped below the $2.60 and $2.55 levels, entering a short-term bearish zone. The bears were able to push the price below the $2.50 support zone, but the bulls appeared near $2.350, forming a low at $2.348. The price is now consolidating losses below the 23.6% Fib retracement level of the downward move from the $2.650 swing high to the $2.348 low.

On the upside, the price might face resistance near the $2.420 level. The first major resistance is near the $2.450 level, with the next resistance at $2.50 and the 50% Fib retracement level of the downward move from the $2.650 swing high to the $2.348 low. A clear move above the $2.50 resistance might send the price toward the $2.60 resistance, with potential gains extending to the $2.650 resistance or even $2.680 in the near term. The next major hurdle for the bulls might be $2.80.

If XRP fails to clear the $2.50 resistance zone, it could start another decline. Initial support on the downside is near the $2.350 level, with the next major support near the $2.320 level. If there is a downside break and a close below the $2.320 level, the price might continue to decline toward the $2.20 support, with the next major support sitting near the $2.120 zone.

Technical indicators suggest that the MACD for XRP/USD is now losing pace in the bearish zone, while the RSI for XRP/USD is now below the 50 level. Major support levels are at $2.350 and $2.320, with major resistance levels at $2.420 and $2.50. Despite the recent decline, some chart analysts see a potential trap for the bears, suggesting that the current downward trend might be a temporary correction rather than a sustained decline.