XRP news today: XRP Drops 5% Below $2.20, Bearish Trend Intensifies
1min read XRP price has initiated a downward correction, falling below the $2.20 zone. The cryptocurrency is currently trading below $2.180 and the 100-hourly Simple Moving Average, indicating a bearish trend. A key bearish trend line is forming with resistance near $2.1750 on the hourly chart of the XRP/USD pair. This trend line suggests that the price may face significant resistance if it attempts to rise above this level.
The price of XRP has declined below several support levels, including $2.20 and $2.180. The bears have pushed the price below the $2.120 support zone, forming a low at $2.095. The price is now consolidating losses and trading below the 23.6% Fib retracement level of the downward move from the $2.2579 swing high to the $2.095 low. This consolidation suggests that the price may be preparing for another move, either upward or downward.
On the upside, the price might face resistance near the $2.1320 level. The first major resistance is near the $2.1750 level and the 50% Fib retracement level of the downward move from the $2.2579 swing high to the $2.095 low. If the price can break above the $2.1950 resistance, it might send the price toward the $2.220 resistance. Any more gains might send the price toward the $2.250 resistance or even $2.30 in the near term. The next major hurdle for the bulls might be $2.320.
If XRP fails to clear the $2.1750 resistance zone, it could start another decline. Initial support on the downside is near the $2.10 level. The next major support is near the $2.080 level. If there is a downside break and a close below the $2.080 level, the price might continue to decline toward the $2.050 support. The next major support sits near the $2.020 zone.
Technical indicators suggest a bearish trend for XRP. 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. These indicators suggest that the price may continue to decline in the near term. Major support levels are at $2.10 and $2.080, while major resistance levels are at $2.1320 and $2.1950.
Ask Aime: What's driving XRP's recent downturn?
